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Why does an Alternative Minimum credit carryover on CA Form 3510 show as a carryover on Schedule P in Lacerte?
by Intuit• Updated 1 year ago
An unused California Alternative Minimum Tax credit carryover from the previous year may not offset the AMT calculated on California Schedule P. Instead, it may appear as a carryover on Schedule P.
This occurs because California only allows a prior year AMT credit carryover to offset tax available in Schedule P, Page 2, Part III, Section A, Credits that reduce excess tax.
- Any tax balance that prints on Page 2, Section A, Line 3, Column (c) can be offset by the credits listed on lines 4 through 12.
- However, if no amount is present in Line 3, Column (c), then the carryover of AMT credit from the prior year won't be used to offset tax and will flow to column (d) as a carryover to next year.
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