IL-4562: Special Depreciation (2024)
Illinois · Illinois DOR · Used for tax years 2024
Form IL-4562 calculates your Illinois special depreciation addition and subtraction based on federal depreciation allowances and Illinois depreciation adjustments. Attach it to your Illinois income tax return.
Who files this form
Form IL-4562 is used to figure Illinois special depreciation additions and subtractions. The 2024 form applies to tax years ending on or after December 31, 2024.
The form says to attach it to Form IL-1120, IL-1120-ST, IL-1065, IL-1041, or IL-1040. The supplied text does not give complete rules for who must file.
What you'll need
Have these forms and details available, as applicable:
- Your name as shown on your return and your Social Security number (SSN) or federal employer identification number (FEIN).
- Your current federal Form 4562, Depreciation and Amortization, including the special depreciation allowance on Lines 14 and 25.
- For individuals, federal Form 2106, Employee Business Expenses, if you claimed a special depreciation allowance there.
- Depreciation amounts for property grouped by the bonus depreciation percentages listed on IL-4562.
- The federal depreciation amount you would have claimed without electing bonus depreciation, for Line 16.
- In the last year of regular depreciation, current-year and prior-year Forms IL-4562 for the property.
How to file
Enter the year ending, your name as shown on your return, and your SSN or FEIN. Complete Step 2 to figure your Illinois special depreciation addition and Step 3 to figure your Illinois depreciation subtraction.
Attach Form IL-4562 to your Form IL-1120, IL-1120-ST, IL-1065, IL-1041, or IL-1040.
The form directs you to the instructions for the return lines where you must report the addition and subtraction. Those instructions were not supplied. The supplied text does not provide a mailing address or e-filing directions.
Common mistakes
- Do not complete Form IL-4562 without reading its instructions. The form expressly requires this.
- Do not use negative figures.
- Do not omit required information. The form warns that failure to provide it could result in a penalty.
Questions people ask
What goes on Line 1?
Enter the total special depreciation allowance claimed on your current federal Form 4562, Lines 14 and 25, for property acquired after September 10, 2001.
Where do individuals enter special depreciation from Form 2106?
Enter the total special depreciation allowance claimed on federal Form 2106 on Line 2 of IL-4562.
How are the final addition and subtraction calculated?
Add Lines 1 through 3 to get the Illinois special depreciation addition on Line 4. Add Lines 17 and 18 to get the Illinois depreciation subtraction on Line 19.
Are there special entries for the last year of regular depreciation?
Yes. Line 3 asks for all Illinois depreciation subtractions claimed in Step 3 of current-year and prior-year Forms IL-4562 for each property. Line 18 asks for the prior-year Illinois special depreciation addition from Step 2, Line 1 plus Line 2, for each property. Both lines direct you to the instructions for more detail.