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Changes to 2007 Form

Updates to 2007 Schedule P (540) – Alternative Minimum Tax and Credit Limitations – Residents

The revised Internet version is available for download as of 02/25/2008

Revision Details: 1) We instruct the taxpayer to complete Schedule P(540), Part III, line 12, when the taxpayer should be completing line 11 if the taxpayer has a credit in Section B. 2) We instruct the taxpayer that the column instructions are to the right of the statement, when the instructions are on page 7.

  • This update is located on (1) Page 6 of the instructions, column 2, 1st bullet, 2) Page 6 of the instructions, column 2, 3rd bullet, and page 702 of the Package X

1) Previously read:

  • If you have a credit(s) in Section B, be sure to complete line 12 in addition to the line(s) for your credit(s).

Revised to:

  • If you have a credit(s) in Section B, be sure to complete line 11 in addition to the line(s) for your credit(s).

2) Previously read:

  • Complete column (a) through column (d) for each line on which you are taking a credit. Refer to "Column Instructions" to your right.

Revised to:

  • Complete column (a) through column (d) for each line on which you are taking a credit. Refer to "Column Instructions" on page 7.

1. This revision would have minimal tax impact to taxpayer completing line 11.

2. This revision would have no tax impact for incorrect page number.

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