Form Il 4562 PDF Details

In the complex landscape of tax documentation, the Illinois Department of Revenue IL-4562 Special Depreciation form stands out as a crucial instrument for taxpayers seeking to adjust their income through depreciation claims. Designed for tax years ending on or after September 11, 2001, this form is vital for entities that must attach it to a variety of returns including Form IL-1120, IL-1120-ST, IL-1065, IL-1041, or IL-1040, outlining the special depreciation adjustments applicable to assets acquired after September 10, 2001. It meticulously guides taxpayers through calculating Illinois special depreciation additions and subtractions, thus affecting the overall tax liability. The form splits the process into clear steps, starting with basic identificatory information, moving through the computation of special depreciation adjustments, and culminating in the calculation of Illinois depreciation subtractions. This tailored approach aids in reconciling federal depreciation allowances with Illinois-specific fiscal requirements, ensuring taxpayers correctly report and maximize potential tax benefits associated with asset depreciation. As mandated by the Illinois Income Tax Act, providing the information is not optional, underlining the form's significance in the state's tax reporting framework. The IL-4562 form is a testament to the nuanced nature of tax compliance, embodying the intersection of federal guidelines and state-specific mandates to ensure accurate financial reporting and tax payment.

QuestionAnswer
Form NameForm Il 4562
Form Length1 pages
Fillable?No
Fillable fields0
Avg. time to fill out15 sec
Other namessubtractions, amortization, ssn, deductions

Form Preview Example

Illinois Department of Revenue

IL-4562 Special Depreciation

For tax years ending on or after September 11, 2001.

Attach to your Form IL-1120, IL-1120-ST, IL-1065, IL-1041, or IL-1040.

Year ending

Month Year

IL Attachment No. 11

Step 1: Provide the following information

Write your name as shown on your return.

Write your Social Security number (SSN) or federal employer identification number (FEIN).

You must read the instructions before completing Form IL-4562. Do not use negative figures.

Step 2: Figure your Illinois special depreciation addition

1Write the total amount claimed as a special depreciation allowance on federal Form 4562, Depreciation and Amortization, Line 14 or Line 25, for property acquired after September 10, 2001. 1

2Individuals only: Write the total amount claimed as a special depreciation allowance from

federal Form 2106, Employee Business Expenses.

2

3Last year of regular depreciation: Write the total amount of all Illinois depreciation

subtractions claimed on prior year IL-4562 forms, Step 3, Line 8, for this property.

3

4Add Lines 1 through 3. This is your Illinois special depreciation addition. Write the total here and

see instructions for the list of Illinois form and line references to report this addition.

4

Step 3: Figure your Illinois depreciation subtraction

5a Write the portion of depreciation allowance claimed on federal Form 4562, Line 17, plus Line 19, Column g, plus Line 26, Column h, for property for which you claimed a special depreciation allowance on federal Form 4562, Line 14 or 25, for this tax year, or any other tax year ending after September 10, 2001, for bonus depreciation equal to 30 percent of

 

your basis in the property.

5a

b

Individuals only: If you completed a federal Form 2106 for this tax year, write the portion

 

 

of any depreciation deductions included in Lines 4 and 38 for this tax year or any prior tax year

 

 

for bonus depreciation equal to 30 percent of your basis in the property.

5b

c

Add Lines 5a and 5b.

5c

6

Multiply Line 5c by 42.9% (0.429).

6

7a Write the portion of depreciation allowance claimed on federal Form 4562, Line 17, plus Line 19, Column g, plus Line 26, Column h, for property for which you claimed a special depreciation allowance on federal Form 4562, Line 14 or 25, for this tax year, or any other tax year ending after September 10, 2001, for bonus depreciation equal to 50 percent of

your basis in the property.

7a

bIndividuals only: If you completed a federal Form 2106 for this tax year, write the portion

of any depreciation deductions included in Lines 4 and 38 for this tax year or any prior tax year

for bonus depreciation equal to 50 percent of your basis in the property.

7b

c Add Lines 7a and 7b.

7c

dFor tax years ending on or before December 31, 2005, multiply Line 7c by 42.9% (0.429).

 

For tax years ending after December 31, 2005, write the amount from Line 7c.

7d

8

Add Lines 6 and 7d.

8

9Last year of regular depreciation: Write the Illinois special depreciation addition reported

on any prior year Form IL-4562, Step 2, Line 1 plus Line 2, for that asset.

9

10Add Lines 8 and 9. This is your Illinois depreciation subtraction for this year. Write the total here and

see instructions for the list of Illinois form and line references to report this subtraction.

10

Attach this form to your Illinois return.

IL-4562 (R-12/13)

This form is authorized as outlined by the Illinois Income Tax Act. Disclosure of this information is REQUIRED. Failure to provide information could result in a penalty.

*362201110*

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1. Firstly, when filling out the deductions, beging with the section containing next blank fields:

A way to fill in illinois step 1

2. Once this segment is finished, you have to put in the needed specifics in Step Figure your Illinois, b Individuals only If you, of any depreciation deductions, c Add Lines a and b, Multiply Line c by, a Write the portion of, b Individuals only If you, of any depreciation deductions, c Add Lines a and b, d For tax years ending on or, For tax years ending after, Add Lines and d, and Last year of regular depreciation so you're able to move on further.

Step number 2 of filling in illinois

3. The next part is considered fairly simple, Last year of regular depreciation, on any prior year Form IL Step, Add Lines and This is your, see instructions for the list of, Attach this form to your Illinois, IL R, and This form is authorized as - all these empty fields must be completed here.

Completing part 3 in illinois

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