541 Schedule P: Alternative Minimum Tax and Credit Limitations - Fiduciaries (2024)
California · FTB · Used for tax years 2024
California Schedule P (541) calculates a fiduciary’s alternative minimum taxable income and alternative minimum tax for 2024. It also determines limits on tax credits and records credits used and carried over. Attach this schedule to Form 541.
What you'll need
Have these forms and details available, as applicable:
- Form 541, including the name shown on the return, FEIN, income, deductions, and tax amounts.
- Form 541, Schedules A and B, for charitable capital gains and income distribution amounts used in Part II.
- California Schedule D (541), for net capital gains from line 9, column (a).
- Credit forms for credits claimed in Part IV. The schedule says to attach these to Form 541.
- Amounts for applicable adjustments and tax preference items listed in Part I, such as depreciation, interest, property taxes, passive activities, and stock options.
How to file
Attach Schedule P (541) to Form 541. If you claim credits in Part IV, attach the credit forms to Form 541 as well.
The supplied form does not provide a mailing address or e-filing instructions.
Common mistakes
- Forgetting credit forms: Part IV specifically reminds you to attach the credit forms to Form 541.
- Completing unnecessary parts: If Part I, line 10 is $60,029 or less and you are not claiming any credits, the form says not to complete Parts III and IV.
- Overlooking the business credit limit: If you are subject to the business credit limitation, total business credits in Part IV, Sections A and B, column (b), cannot exceed $5,000,000. The form refers you to the instructions for details.
Questions people ask
What does Schedule P (541) calculate?
It calculates the fiduciary’s share of alternative minimum taxable income, the income distribution deduction on an alternative minimum tax basis, tentative minimum tax, alternative minimum tax, and credit limitations.
When can I skip Parts III and IV?
For 2024, do not complete Parts III and IV if Part I, line 10 is $60,029 or less and you are not claiming any credits.
What exemption amount is printed for 2024?
Part III lists an exemption amount of $60,029 and an exemption phase-out threshold of $225,115. The form reduces the exemption by 25% of the amount by which Part III, line 1 exceeds that threshold, but not below zero.
Where do I report the alternative minimum tax?
If there are no Part IV, Section C credits, report Part III, line 10 on Form 541, line 26, or Form 109, line 13. If Section C applies, Part IV, line 20 directs you to report the adjusted alternative minimum tax on those same lines.