Fillable Form 2021: Alternative Minimum Tax and Credit Limitations (California)

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Form 2021: Alternative Minimum Tax and Credit Limitations (California)

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TAXABLE YEAR
2021
Alternative Minimum Tax and Credit
Limitations — Nonresidents or
Part-Year Residents
CALIFORNIA SCHEDULE
P (540NR)
Attach this schedule to Form 540NR.
Name(s) as shown on Form 540NR
Your SSN or I
T
I
N
Part I Alternative Minimum Taxable Income (AMTI) Important: See instructions for information regarding California/federal differences.
1 If you itemized deductions, go to line 2. If you did not itemize deductions, enter your standard
deduction from Form 540NR, line 18, and go to line 6
1
2 Medical and dental expenses. Enter the smaller of federal Schedule A (Form 1040), line 4, or 2½% (.025)
of federal Form 1040 or 1040-SR, line 11 2
3 Personal property taxes and real property taxes. See instructions
3
4 Certain interest on a home mortgage not used to buy, build, or improve your home. See instructions
4
5 Miscellaneous itemized deductions. See instructions
5
6 Refund of personal property taxes and real property taxes. See instructions
6
( )
Do not include your state income tax refund on this line.
7
Investment interest expense adjustment. See instructions
7
8 Post-1986 depreciation. See instructions
8
9 Adjusted gain or loss. See instructions
9
10 Incentive stock options and California qualified stock options (CQSOs). See instructions 10
11 Passive activities adjustment. See instructions
11
12 Beneficiaries of estates and trusts. Enter the amount from Schedule K-1 (541), line 12a
12
13 Other. Enter the amount, if any, for each item, a through l, and enter the total on line 13. See instructions.
a Circulation expenditures
a
b Depletion b
c Installment sales c
d Intangible drilling costs d
e Long-term contracts
e
f Loss limitations f
g Mining costs
g
h Patron’s adjustment h
i Pollution control facilities
i
j Research and experimental costs j
k Tax shelter farm activities
k
l Related adjustments
l
Add amounts on line a through line l 13
14 Total Adjustments and Preferences. Combine line 1 through line 13
14
15 Enter taxable income from Form 540NR, line 19. See instructions
15
16 Net operating loss (NOL) deduction from Schedule CA (540NR), Part Ill, Section B, line 9b1, line 9b2, and line 9b3,
column B. Enter as a positive amount 16
17 AMTI exclusion. See instructions
17
( )
18 If your federal adjusted gross income (AGI) is less than the amount for your filing status (listed below), skip this line
and go to line 19. If you itemized deductions and your federal AGI is more than the amount for your filing status,
see instructions
18
( )
Single or married/RDP filing separately
$212,288
Married/RDP filing jointly or qualifying widow(er)
$424,581
Head of household
$318,437
19 Combine line 14 through line 18
19
20 Alternative minimum tax NOL deduction. See instructions
20
21 Alternative Minimum Taxable Income. Subtract line 20 from line 19 (if married/RDP filing separately and line 21
is more than $403,348, see instructions)
21
For Privacy Notice, get FTB 1131 EN-SP.
7981213
Schedule P (540NR) 2021 Side 1
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Part II Alternative Minimum Tax (AMT)
22 Exemption Amount. (If this schedule is for certain children under age 24, see instructions.)
If your ling status is: And line 21 is not over: Enter on line 22:
Single or head of household
$292,763 $78,070
Married/RDP filing jointly or qualifying widow(er)
$390,351 $104,094
Married/RDP filing separately $195,172 $52,044
}
22
If Part I, line 21 is more than the amount shown above for your filing status, see instructions.
23 Subtract line 22 from Part I, line 21. If zero or less, enter 0 . See instructions.
- -
23
24 Total Tentative Minimum Tax (TMT). Multiply line 23 by 7% (.07)
24
25 California adjusted gross income (AGI) from Schedule CA (540NR), Part IV, line 1
25
26 NOL adjustment, if any, included on Schedule CA (540NR), Part II, Section B, line 9b1, line 9b2, and line 9b3, column E.
Enter as a positive number
26
27 Alternative Minimum Tax Income (AMTI) exclusion. See instructions
27
( )
28 Combine line 25 through line 27
28
29 Adjustments and Preferences. See instructions before completing.
a Investment interest expense
b Post-1986 depreciation
c Adjusted gain or loss
d Incentive stock options and CQSOs
e Passive activities
f Beneficiaries of estates & trusts
g Circulation expenditures
h Depletion
i Installment sales
j Intangible drilling costs
k Long-term contracts
l Loss limitations
m Mining costs
n Patron’s adjustment
o Pollution control facilities
p Research and experimental costs
q Tax shelter farm activities
r Related adjustments
Add line a through line r and enter total here
29
30 Combine line 28 and line 29
30
31 California Alternative Minimum Tax (AMT) net operating loss (NOL) deduction. See instructions
31
32 California AMT AGI. Subtract line 31 from line 30. If you did not itemize deductions, enter the result here and on line 40
and skip line 33 through line 39. If you itemized deductions, enter the result here and continue to line 33
32
33 Itemized deductions (before federal AGI limitation and proration). Enter the amount from Schedule CA (540NR),
Part III, line 28
33
34
Itemized deductions included in Part I.
a Medical and dental expense, enter amount from Part I, line 2
a
b
Personal property taxes and real property taxes, enter amount from Part I, line 3
b
c
Interest on home mortgage, enter amount from Part I, line 4 c
d
Miscellaneous itemized deductions, enter amount from Part I, line 5
d
e
Investment interest expense adjustment, enter amount from Part I, line 7
e
Combine line a through line e 34
( )
35 Total AMT Itemized Deductions. Combine line 33 and line 34
35
36 Total AMTI. Enter the amount from Part I, line 21
36
37 Total AMT AGI. Add line 35 and line 36
37
38 AMT Itemized Deduction Percentage. Divide line 32 by line 37. Do not enter more than 1.0000
38
39 Prorated AMT Itemized Deductions. Multiply line 35 by line 38
39
40 California AMTI. Subtract line 39 from line 32
40
41 Total TMT. Enter the amount from line 24
41
42 California AMT Rate. Divide line 41 by amount from Part I, line 21
42
43 California TMT. Multiply line 40 by line 42
43
44 Regular Tax. Enter the amount from Form 540NR, line 37
44
45 Alternative Minimum Tax. Subtract line 44 from line 43. If zero or less enter 0 here and on Form 540NR, line 71.
Continue to Part III to figure your allowable credits. (If you have a carryover credit for solar energy or commercial solar
energy, also enter the result on Side 3, Part III, Section C, line 22 or 23). If you make estimated tax payments for
taxable year 2022, enter amount from line 45 on the 2022 Form 540-ES, California Estimated T
ax Worksheet, line 16
- -
45
7982213
Side 2 Schedule P (540NR) 2021
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Part III Credits that Reduce Tax Note: Be sure to attach your credit forms to Form 540NR.
1 Enter the amount from Form 540NR, line 42
1
2 Enter the tentative minimum tax from Side 2, Part II, line 43
2
(a)
Credit
amount
(b)*
*If the taxpayer is subject to the business credit limitation, the total of the business credits in Part III, Sections A and B, column (b) cannot exceed $5,000,000.
See instructions.
Credit used
this year
(c)
Tax balance that
may be offset
by credits
(d)
Credit
carryover
Section A – Credits that reduce excess regular tax.
3 Subtract line 2 from line 1. If zero or less enter 0 and see instructions.
This is your excess tax which may be offset by credits
3
A1 Credits that reduce excess tax and have no carryover provisions.
4 Code: 162 Prison inmate labor credit (FTB 3507)
4
5 Code: 232 Child and dependent care expenses credit (FTB 3506)
5
A2 Credits that reduce excess tax and have carryover provisions. See instructions.
6 Code: Credit Name: 6
7 Code: Credit Name: 7
8 Code: Credit Name: 8
9 Code: Credit Name: 9
10 Code: 188 Credit for prior year alternative minimum tax 10
Section B – Credits that may reduce tax below tentative minimum tax.
11 If Part III, line 3 is zero, enter the amount from line 1. If line 3 is more than
zero, enter the total of line 2 and the last entry in column (c)
11
B1 Credits that reduce net tax and have no carryover provisions.
12 Code: 170 Credit for joint custody head of household
Credit from
Form 540NR, X
Credit
Percentage =
See line 51 instructions on Form 540NR.
13 Code: 173 Credit for dependent parent
Credit from
Form 540NR, X
Credit
Percentage =
See line 52 instructions on Form 540NR.
14 Code: 163 Credit for senior head of household
Credit from
Form 540NR,
X
Credit
Percentage =
See line 53 instructions on Form 540NR.
15 Nonrefundable renter’s credit
B2 Credits that reduce net tax and have carryover provisions. See instructions.
16 Code: Credit Name:
17 Code: Credit Name:
18 Code: Credit Name:
19 Code: Credit Name:
B3 Other state tax credit
20 Code: 187 Other state tax credit
Section C – Credits that may reduce alternative minimum tax.
21 Enter your alternative minimum tax from Side 2, Part II, line 45
21
22 Code: 180 Solar energy credit carryover from Section B2, column (d)
22
23 Code: 181 Commercial solar energy credit carryover from Section B2,
column (d)
23
24 Adjusted AMT. Enter the balance from line 23, column (c) here and on
Form 540NR, line 71 24
7983213
Schedule P (540NR) 2021 Side 3
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Form 2021: Alternative Minimum Tax and Credit Limitations (California)

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Completed 13 April 2022

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