541 Schedule P: Alternative Minimum Tax and Credit Limitations - Fiduciaries (2025)
California · FTB · Used for tax years 2025
California Schedule P (541) calculates a fiduciary’s alternative minimum taxable income and alternative minimum tax. It also determines limits on tax credits, including amounts used this year and credit carryovers, and is attached to Form 541.
What you'll need
Have these forms available, as applicable:
- Form 541, including Schedules A and B. Schedule P uses income, deduction, distribution, and tax amounts from this form.
- California Schedule D (541), for net capital gains reported in Part II.
- Credit forms for the credits you claim. Part IV says to attach the credit forms to Form 541.
You will also need the names shown on Form 541 and the federal employer identification number (FEIN).
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 give a mailing address or e-filing directions.
Common mistakes
- Forgetting attachments. The form says to attach Schedule P and the applicable credit forms to Form 541.
- Completing parts you are told to skip. If Part I, line 10 is $61,830 or less and you are not claiming any credits, do not complete Parts III and IV.
- Overlooking the business credit limit. If you are subject to the business credit limitation, total business credits used in Part IV, Sections A and B, column (b), cannot exceed $5,000,000. The form directs 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, an income distribution deduction on an alternative minimum tax basis, tentative minimum tax, alternative minimum tax, and credit limitations.
What is the exemption amount for 2025?
Part III lists an exemption amount of $61,830 and a phase-out starting amount of $231,868. The form reduces the exemption by 25% of the amount by which Part III, line 1 exceeds $231,868, but not below zero.
How is tentative minimum tax calculated?
Part III, line 8 multiplies the amount on line 7 by 7.0%.
Where do I report the alternative minimum tax?
If there are no Part IV, Section C credits, enter the amount from 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 AMT on those same lines.