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Screen CAAMT-2 - California Alternative Minimum Tax - California Sources (1040)

Overview

Use this screen to complete Part II of Schedule P (540NR), Alternative Minimum Tax and Credit Limitations - Nonresidents or Part-Year Residents.
Depreciation and amortization information transfers directly to this screen from the asset module and then transfers to Schedule P (540NR).
Depreciation and amortization fields in this input screen may not apply to each client. UltraTax CS provides a global option regarding the entry of asset information. These fields are not applicable when the asset module method of data entry is selected.
If you are not using the asset module or wish to override depreciation or amortization amounts on a form, you must enter the information in the CADepr, CAAMT, CASale, and CA8824 Screens.
Although it is necessary to calculate AMT versions of certain tax forms (such as Forms 3526 and 3801), the instructions for Schedule P (540) state that the refigured forms should not be attached to the return.

Adjustments and Preferences

UltraTax CS uses the information entered in this section to complete Schedule P (540NR), Part II.
Use these fields to complete Schedule P (540NR), Part II for nonresidents and part-year residents. Enter adjustments and preference amounts based on California source income. If no amount is entered for an item without an asterisk, UltraTax CS defaults to zero for this section of Schedule P (540NR).
UltraTax CS defaults to amounts entered in the federal Inc Screen with Code
22
, Excludable stock options (CQSO): CA. Use this field to enter an amount different than the calculated amount.
Use these fields to complete Schedule P (540NR), Part II for nonresidents and part-year residents. Enter adjustments and preference amounts based on California source income. If no amount is entered for an item, UltraTax CS defaults to 0 (zero) for this section of Schedule P (540NR).
Qualified taxpayers (for AMT purposes) may exclude trade/business income from the calculation of AMTI. UltraTax CS treats the following components of income as trade/business income for purposes of the AMTI exclusion:
  • Schedule C income
  • Rent/royalty income
  • Farm income
  • Other income coded as self-employment income
  • Pass-through income (Partnership, S Corporation, Trust, Estate)
  • Capital gains/losses entered on federal Screen B&D coded
    B
     for Business
  • Capital gains from K1 activities (Partnership, S Corporation)
  • Interest and dividends income from K1 activities (Partnership, S Corporation)
  • Form 4797 (Schedule D-1) gains
Enter qualifying California source trade/business income (eligible for exclusion from AMTI) in this field to force an amount different than the calculated amount.
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