Il 4562-2025

See details

4.8 out of 5

106 votes

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.

Here's how it works

01. Edit your il 4562 online

Type text, add images, blackout confidential details, add comments, highlights and more.

02. Sign it in a few clicks

Draw your signature, type it, upload its image, or use your mobile device as a signature pad.

03. Share your form with others

Send il 4562 instructions via email, link, or fax. You can also download it, export it or print it out.

How to edit Il 4562 in PDF format online

Ease of Setup

DocHub User Ratings on G2

Ease of Use

DocHub User Ratings on G2

Adjusting documents with our comprehensive and intuitive PDF editor is straightforward. Adhere to the instructions below to complete Il 4562 online easily and quickly:

Sign in to your account. Sign up with your email and password or register a free account to test the service prior to choosing the subscription.
Upload a document. Drag and drop the file from your device or import it from other services, like Google Drive, OneDrive, Dropbox, or an external link.
Edit Il 4562. Quickly add and highlight text, insert pictures, checkmarks, and symbols, drop new fillable fields, and rearrange or delete pages from your document.
Get the Il 4562 completed. Download your updated document, export it to the cloud, print it from the editor, or share it with others via a Shareable link or as an email attachment.

Make the most of DocHub, one of the most easy-to-use editors to rapidly handle your documentation online!

See more il 4562 versions

We've got more versions of the il 4562 form. Select the right il 4562 version from the list and start editing it straight away!

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)

be ready to get more

Complete this form in 5 minutes or less

Get form

Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

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.

form 4562

il-4562 instructions IL-4562 example Form 4562 Il 4562 2022 Il 4562 pdf Il 4562 2021 Illinois bonus depreciation decoupling IL-4562 Instructions 2023

Related forms

be ready to get more

Complete this form in 5 minutes or less

Get form

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

Here's how it works

How to edit Il 4562 in PDF format online

See more il 4562 versions

Complete this form in 5 minutes or less

Got questions?

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?

Complete this form in 5 minutes or less

People also ask

What qualifies for 100% bonus depreciation?

Who must file form 4562?

What is IL 4562?

Related links

Try more PDF tools