100 Schedule P: Alternative Minimum Tax and Credit Limitations - Corporations (2024)
California · FTB · Used for tax years 2024
California Schedule P (100) calculates a corporation’s tentative minimum tax, alternative minimum tax (AMT), and limits on tax credits for 2024. It also reports credits used, credit carryovers, and available credit for prior-year AMT. The schedule attaches to Form 100 or Form 109
Who files this form
Schedule P (100) is for corporations calculating alternative minimum tax (AMT) and credit limitations. The form says to attach it to Form 100 or Form 109.
The supplied form does not state detailed filing requirements.
What you'll need
Have these forms and amounts available, as applicable:
- Form 100 or Form 109: Schedule P uses income and regular tax amounts from these returns.
- Schedule R: Part I, line 1 may use the amount from Schedule R, line 1c.
- Schedule K-1 (541): Estate and trust beneficiaries enter the amount from line 12a.
- 2023 Schedule P (100): Part III asks for the prior year's AMT.
- Adjustment and credit information: You will need applicable adjustment amounts, adjusted current earnings (ACE), prior-year ACE adjustments, credit amounts, and unused credit carryovers.
How to file
Attach the completed 2024 Schedule P (100) to Form 100 or Form 109.
Enter the adjusted AMT from Part II, line 18 on Form 100, line 29 or Form 109, Side 1, line 13.
The supplied text does not give a mailing address or e-filing directions.
Common mistakes
- Leaving Part I, line 5e blank because line 5c is positive. The form specifically says to enter an amount on line 5e even when line 5c is positive.
- Using the wrong sign for the ACE adjustment. Line 5d must be entered as a positive number. If line 5c is negative, line 5f is the smaller of line 5d or line 5e, entered as a negative amount.
- Overlooking the credit limit. If the corporation is subject to the credit limitation, total credits used in Part II, Sections A and B, column (b) cannot exceed $5,000,000. For taxpayers in a combined report, this limit applies at the group level.
- Ignoring the minimum franchise tax when completing Part II, line 2. The TMT entered there cannot be less than the minimum franchise tax, if applicable.
Questions people ask
What does Schedule P (100) calculate?
Part I calculates tentative minimum tax (TMT) and alternative minimum tax (AMT). Part II covers credits that reduce tax. Part III calculates the available credit for prior-year AMT.
How is AMT calculated in Part I?
Line 19 subtracts regular tax before credits on line 18 from TMT on line 17. If the result is zero or less, enter 0.
Can credits reduce AMT?
Part II, Section C lists credits that may reduce AMT: Solar Energy Credit carryover, Commercial Solar Energy Credit carryover, and Enterprise Zone Hiring & Sales or Use Tax Credit carryover.
How do I calculate the available credit for prior-year AMT?
Part III adds the AMT from the 2023 Schedule P (100) to the carryover of unused credit for prior-year AMT. Enter the total on Part III, line 3 and Part II, line 9, column (a).