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CA 540 Schedule P line 9 showing strange number
In reviewing the forms generated by TurboTax for my California state return, I noticed that there is a small ($4) entry in line 9 of CA 540 schedule P (AMT & Credit Limitations) which I don't understand. According to the instructions for this form, this line is to enter adjustments to gain or loss that result from a different basis being required for AMT. However, I am not in such a situation (all my gains and losses from 2019 are the result of stock sales for which the basis should be the same in AMT and regular tax). Why is TurboTax entering a value here?
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CA 540 Schedule P line 9 showing strange number
it may have been something that had carried over from previous years. Who knows!! in the meantime, since it is a insignificant amount, just ignore it because this is something that is not going to seriously impact your return.
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CA 540 Schedule P line 9 showing strange number
Dave,
Thanks for the response. I doubt that it was a past year carry-over, since I didn't make any basis adjustments in the CA return for earlier years, as far as I know.
That said, I agree that the number is small and doesn't impact the return in any significant way; I just wanted to make sure that there wasn't anything fishy going on in the back-end calculations. TurboTax does a good job giving details about this in many other places, just not here for some reason. Is there some way to lift-the-hood on this number? The usual 'Data Source' option in the Form View right-click menu is greyed-out.
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CA 540 Schedule P line 9 showing strange number
If it is grayed-out then this is not easy to remove. You might contact phone support as they have the ability to troubleshoot to see if that can be removed. i have actually participated in these types of troubleshoots and sometimes they are not easy to diagnose. This was the reason why i suggested to ignore it in the first place only because this will not seriously impact your taxes.
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CA 540 Schedule P line 9 showing strange number
It is reporting $8800 owed when it should be $0. The amended return is not completing the Sch P.