Get 2011 Schedule P (540) -- Alternative Minimum Tax And ... - Ftb.ca.gov

Filling out the 2011 Schedule P (540) for alternative minimum tax can seem daunting, but following a clear process can make it manageable. This guide will help users navigate the form sections accurately and efficiently.

Follow the steps to successfully complete Schedule P (540) online.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Enter your name as shown on Form 540, along with your social security number or ITIN in the designated fields.
3. In Part I, determine whether you itemized deductions. If you did not, use the standard deduction from Form 540, line 18, and continue to line 6.
4. If you itemized deductions, enter your medical and dental expenses on line 2, which should be the lesser of Schedule A (Form 1040), line 4, or 2.5% of your Form 1040, line 37.
5. Continue entering adjustments related to personal property taxes (line 3), mortgage interest not used for improving your home (line 4), and miscellaneous deductions (line 5) as instructed.
6. Complete additional fields through line 13, where adjustments and preferences are summarized. Follow the form's instructions for any specific entries.
7. Sum the total adjustments from line 1 through line 13 on line 14.
8. Enter your taxable income from Form 540, line 19, on line 15 of Schedule P.
9. Fill out line 16 with net operating loss deductions from Schedule CA (540), line 21d and line 21e, column B.
10. Follow the instructions for Part II, Alternative Minimum Tax calculations, beginning with determining the exemption amount based on your filing status.
11. Calculate the tentative minimum tax by multiplying the result from the previous step by the applicable rate.
12. In Part III, enter any applicable credits that reduce tax. Confirm that you attach any necessary credit form to Form 540.
13. Review all completed fields for accuracy before finalizing.
14. At the end of the process, you can save your changes, download the completed form, and print or share it as needed.

Start filling out your 2011 Schedule P (540) online today to ensure accurate filing and compliance.