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Get Il Il-4562 2022
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How to fill out the IL IL-4562 online
The IL IL-4562 form is essential for reporting special depreciation for tax purposes in Illinois. This guide will help you navigate the process of completing this form online with clarity and ease.
Follow the steps to effectively fill out the IL IL-4562 online.
- Click the ‘Get Form’ button to download the IL IL-4562 and access it in your form editor.
- Provide the required information by entering your name exactly as shown on your tax return. Next, input your Social Security number (SSN) or federal employer identification number (FEIN). It is important to read the instructions before completing this form, and do not enter negative figures.
- Calculate your Illinois special depreciation addition by entering the total amount claimed as a special depreciation allowance from your current federal Form 4562, specifically from Lines 14 and 25 for property acquired after September 10, 2001. For individuals, also enter the total claimed from federal Form 2106 related to Employee Business Expenses.
- Identify the last year of regular depreciation by entering all Illinois depreciation subtractions claimed on this form or any prior year Forms IL-4562, Step 3, for each property.
- Add the amounts from Lines 1 to 3 to find your Illinois special depreciation addition. Input this total and refer to the instructions for the Illinois forms and line references to report this addition.
- Next, calculate your Illinois special depreciation subtraction by entering the portions of depreciation allowance claimed on federal Form 4562 for properties with bonus depreciation equal to 30%, 50%, and 80% of your basis in the property.
- Complete the additional calculations required in Lines 5 through 13 to finalize the total for your Illinois depreciation subtraction for the year.
- Once all sections are complete, review the form for accuracy, then save your changes. You can download, print, or share the form as needed.
Complete your IL IL-4562 form online today to ensure accurate reporting of your special depreciation.
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