100W Schedule P: Alternative Minimum Tax and Credit Limitations - Water's-Edge Filers (2025)
California · FTB · Used for tax years 2025
California Schedule P (100W) is attached to Form 100W by water's-edge filers to calculate tentative minimum tax, alternative minimum tax (AMT), and credit limitations. It also reports credits used, credit carryovers, and the available credit for prior-year AMT.
Who files this form
Schedule P (100W) is for water’s-edge filers to calculate alternative minimum tax (AMT) and credit limitations. The form says to attach it to Form 100W.
The supplied form does not state detailed rules for which corporations must complete the schedule.
What you'll need
Have these forms and figures available, as applicable:
- Form 100W: The schedule uses amounts from lines 17, 21, 22, and 23.
- Schedule R: Part I, line 1 may use the amount from Schedule R, line 1c.
- Schedule K-1 (541): For beneficiaries of estates and trusts, Part I, line 2j uses line 12a.
- 2024 Schedule P (100W): Part III asks for the AMT from that schedule.
- Adjustment and credit figures: These include adjusted current earnings (ACE), prior-year ACE adjustments, applicable tax adjustments, and unused credit carryovers.
You will also need the corporation’s name and California corporation number.
How to file
Attach the completed 2025 Schedule P (100W) to Form 100W.
Enter the adjusted AMT from Part II, line 18 on Form 100W, line 29.
The supplied text does not give a mailing address or electronic filing instructions.
Common mistakes
- Leaving Part I, line 5e blank because line 5c is positive. The form says to enter an amount on line 5e even when line 5c is positive.
- Missing the sign rules for ACE adjustments. Use brackets for a negative amount on line 5c. Enter line 5d as a positive number, then follow line 5f’s rules for the final adjustment.
- Ignoring the minimum franchise tax in Part II. Line 2 cannot be less than the minimum franchise tax, if applicable. Line 10 also requires accounting for that tax, if applicable.
- Exceeding the credit limit when it applies. For a corporation 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, the limit applies at the group level.
Questions people ask
How does the schedule calculate AMT?
Part I, line 19 subtracts regular tax before credits on line 18 from tentative minimum tax (TMT) on line 17. If the result is zero or less, enter 0.
Can the corporation claim a credit for prior-year AMT?
Part III calculates the available credit by adding AMT from the 2024 Schedule P (100W) and the carryover of unused credit for prior-year AMT. The total goes on Part II, line 9, column (a).
Which credit carryovers are listed as potentially reducing AMT?
Part II, Section C lists the Solar Energy Credit, Commercial Solar Energy Credit, and Enterprise Zone Hiring & Sales or Use Tax Credit carryovers from Section B, column (d).
Does the Prison Inmate Labor Credit have a carryover provision?
The form lists the Prison Inmate Labor Credit, code 162, in Section A1, for credits that reduce excess regular tax and have no carryover provisions.