Question

3. Which of the following is incorrect regarding the ability of the following entities to claim the credit for prior year Alternative Minimum Tax (AMT)?

A. An individual who had an AMT credit carryover from 2016 qualifies to claim the credit for prior year AMT B. Fiduciaries must complete FTB Form 3510 to claim the credit for prior year AMT C. Corporations must complete FTB Form 3510 to claim the credit for prior year AMT D. An individual who paid AMT for 2016, and had 2016 adjustments and tax preference items other than exclusions qualifies to claim the credit for prior year AMT

4. A taxpayer is required to remit all of his or her payments electronically if he or she makes an estimate or extension payment exceeding what amount?

A. $20,000 B. $40,000 C. $50,000 D. $80,000

Answer 1

3. The incorrect regarding the ability of the following entities to claim the credit for prior year Alternative Minimum Tax (AMT) is

C. Corporations must complete FTB Form 3510 to claim the credit for prior year AMT.

The right answer is Corporations must use Schedule P (100 or 100W), Alternative Minimum Tax and Credit Limitations - Corporations, Part III to claim the credit for prior year AMT.

4.  A taxpayer is required to remit all of his or her payments electronically if he or she makes an estimate or extension payment exceeding $20000 for a taxable year.