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Il 4562 instructions 2024

2022 Form IL-4562, Special Depreciation-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, 2022. It provides instructions for individuals and businesses 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 2022 Form IL-4562 in our editor.
Begin by entering your name as it appears on your tax return and your Social Security number (SSN) or federal employer identification number (FEIN). Ensure accuracy to avoid processing delays.
In Step 2, calculate your Illinois special depreciation addition. Enter the total amount claimed as a special depreciation allowance from your current federal Form 4562 on Lines 14 and 25 for property acquired after September 10, 2001.
Continue filling out the form by adding any Illinois depreciation subtractions claimed in previous years. Follow the instructions carefully for each line to ensure correct calculations.
In Step 3, figure your Illinois special depreciation subtraction by entering amounts related to bonus depreciation as specified. Be sure to multiply where indicated and sum up the necessary lines.
Once completed, review all entries for accuracy before saving or printing the form directly from our platform.

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Does Illinois allow 100% bonus depreciation?

The federal 100 percent bonus depreciation for property acquired and placed in service after September 27, 2017, and before January 1, 2023, is already allowed by Illinois so no adjustments are required.

What do I enter for special depreciation allowance deduction?

For qualified property that is listed property, enter the special depreciation allowance on Form 4562, Part V, line 25. TIP: If you place qualified property in service in a short tax year, you can take the full amount of a special depreciation allowance. Depreciating the remaining cost.

Can you take 100% bonus depreciation?

One Big Beautiful Bill Act In 2025, the OBBB reinstates 100% bonus depreciation. Starting with property placed in service after Jan. 19, 2025, businesses can again deduct 100% of the cost of most qualifying property up front. The new law made this 100% bonus depreciation available through tax year 2029.

Does Illinois allow bonus depreciation?

Yes, Illinois requires an addback for federal bonus depreciation deductions under IRC Sec. 168(k). The addback applies to 100% federal bonus depreciation claimed by a taxpayer for tax years ending on or after December 31, 2021.

Can you take 100% bonus depreciation on vehicles in 2022?

Under prior law Bonus Depreciation began to phase down and now revert back in the middle of 2025 as follows: 2022 (100%), 2023 (80%), 2024 (60%), Jan 1, 2025 Jan 19, 2025 (40%), Jan 20, 2025 and beyond (100%).

il form 4562

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When did Illinois stop conforming to bonus depreciation?

Historically, Illinois has decoupled from the federal 30% and 50% bonus depreciation rules but conformed to the 100% bonus depreciation rules. Under SB 2017, for tax years ending on or after December 31, 2021, Illinois would also decouple from the 100% bonus depreciation rule.

What is the special depreciation for 2022?

For most assets placed in service after January 1, 2018, but before December 31, 2022, the Special Depreciation is 100%. For qualified property placed in service after December 31, 2022, and before January 1, 2024, the special allowance is limited to 80%.

What is the bonus depreciation for 2025 in Illinois?

For property acquired and placed in service after January 19, 2025, the federal bonus depreciation is 100% of the basis of the property. In addition, for property placed in service during the first taxable year ending after January 19, 2025, taxpayers may elect to apply a federal bonus depreciation of 40% or 60%.