Il 4562-2025

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The document is the Illinois Form IL-4562 for reporting special depreciation for tax years ending on or after December 31, 2021. It provides instructions for taxpayers to calculate their Illinois special depreciation addition and subtraction based on federal depreciation allowances. The form must be attached to various Illinois tax returns and includes specific steps for entering personal information, calculating depreciation amounts, and ensuring compliance with state tax regulations.

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Click ‘Get Form’ to open the IL-4562 in the editor.
Begin by entering your name and Social Security number (SSN) or federal employer identification number (FEIN) in the designated fields.
For Step 2, calculate your Illinois special depreciation addition. Input the total amount claimed as a special depreciation allowance from your current federal Form 4562 on Line 1.
Continue filling out Lines 2 and 3 for any additional claims related to employee business expenses and prior year subtractions.
In Step 3, figure your Illinois special depreciation subtraction by entering relevant figures from federal Form 4562 on Lines 5a and 5b.
Complete the calculations as instructed, ensuring all totals are accurately entered before finalizing your form.

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Versions	Form popularity	Fillable & printable
2023	4.9 Satisfied (54 Votes)
2022	4.7 Satisfied (45 Votes)
2021	4.8 Satisfied (106 Votes)
2020	4.4 Satisfied (130 Votes)

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What is business income for form 4562?

Line 11 of Form 4562 is calculated by totaling the net income and losses from all trades and businesses you actively conducted during the year. Net income or loss from trade or business includes the following items: Section 1231 gains (or losses) Interest from working capital of your trade or business.

Who is required to file information returns?

If you made a payment during the calendar year as a small business or self-employed (individual), you are most likely required to file an information return to the IRS. If, as part of your trade or business, you received certain payments, you may be required to file an information return to the IRS.

Does Illinois allow 100% bonus depreciation?

Public Act 102-16 amended Section 203 of the Illinois Income Tax Act to decouple Illinois from federal 100 percent bonus depreciation for tax years ending on or after December 31, 2021.

What classification of property is form 4562?

IRS Form 4562 is used to claim deductions for the depreciation or amortization of tangible or intangible property. Assets such as buildings, machinery, equipment (tangible), or patents (intangible) qualify. Land cannot depreciate, and so it can not be reported on the form.

Who is required to file form 4562?

Form 4562 is required for the first year that a depreciable asset is placed into service. If no new assets have been placed into service in subsequent years, Form 4562 is not required unless you file Form 1120 (corporate tax return). Form 4562 must also be filed for each asset.

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What qualifies for 100% bonus depreciation?

Not all property qualifies for the 100% bonus depreciation deduction. Several requirements must be met for property to qualify: The property must have a MACRS (Modified Accelerated Cost Recovery System) recovery period of 20 years or fewer for property other than building structures or systems.

Who must file form 4562?

File Form 4562 with your individual or business tax return for any year you are claiming a depreciation deduction or making a Section 179 election.

What is IL 4562?

The purpose of Form IL-4562 is to reverse the effects of the 30, 40, 50, 60, 80, or 100 percent bonus depreciation allowed by Internal Revenue Code (IRC) Section 168(k). Step 2 of this form figures your Illinois special depreciation addition as required by the Illinois Income Tax Act (IITA).

Il 4562-2025

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How to use or fill out IL-4562 with our platform

See more il 4562 versions

Complete this form in 5 minutes or less

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What is business income for form 4562?

Who is required to file information returns?

Does Illinois allow 100% bonus depreciation?

What classification of property is form 4562?

Who is required to file form 4562?

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What qualifies for 100% bonus depreciation?

Who must file form 4562?

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