100W Schedule P: Alternative Minimum Tax and Credit Limitations - Water's-Edge Filers (2024)
California · FTB · Used for tax years 2024
California Schedule P (100W) calculates tentative minimum tax, alternative minimum tax (AMT), and credit limitations for water's-edge corporate filers. It reports credits used, credit carryovers, and the available credit for prior-year AMT, and is attached to Form 100W.
Who files this form
Schedule P (100W) is for corporate water's-edge filers. It covers alternative minimum tax (AMT) and credit limitations and is attached to Form 100W.
The form does not state the full rules for determining which corporations must complete it.
What you'll need
Have the following available, as applicable:
- Form 100W, including the amounts on lines 17, 21, 22, and 23.
- Schedule R, line 1c, if used for the starting income amount.
- Schedule K-1 (541), line 12a, for estate or trust beneficiary adjustments.
- Your 2023 Schedule P (100W) for the prior-year AMT amount used in Part III.
- Information about adjusted current earnings (ACE), prior-year ACE adjustments, unused prior-year AMT credits, and other credit amounts and carryovers.
Also enter the corporation's name and California corporation number.
How to file
Attach Schedule P (100W) to Form 100W.
Enter the adjusted AMT from Part II, line 18, on Form 100W, line 29.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- 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 included in a combined report, this limit applies at the group level.
- Skipping Part I, line 5e: The form says to enter an amount even if line 5c is positive.
- Ignoring the minimum franchise tax in Part II: Line 2 must not be less than the minimum franchise tax, if applicable.
Questions people ask
What does Part I calculate?
Part I calculates tentative minimum tax (TMT) and alternative minimum tax (AMT).
Where does the starting income amount come from?
For Part I, line 1, enter net income or loss after state adjustments from Form 100W, line 17, or Schedule R, line 1c.
How is AMT calculated on the form?
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.
How does the form calculate the available prior-year AMT credit?
Part III adds the AMT from the 2023 Schedule P (100W) to the carryover of unused credit for prior-year AMT. The total goes on Part III, line 3, and Part II, line 9, column (a).