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Screen ILDepr - Illinois Depreciation Adjustments (1041)
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Form IL-4562 Special Depreciation Additions
Federal section 168(k) bonus depreciation
The federal bonus depreciation from federal Form 4562, line 14 and 25 is reported on Form IL-4562, line 1. If you aren't using the asset module, or if you want to override the calculated amount, enter the addition in the Force field.
Addition for last year of depreciation
The addition is the total amount of all prior-year subtraction modifications for assets disposed of during the current year.
Form IL-4562 Depreciation Subtractions
Total federal depreciation on property with bonus depreciation: 30% assets
The federal depreciation for assets qualifying for bonus depreciation equal to 30 percent of the basis in the property transfers to the
Calculated
field. If you aren't using the asset module or if you want to override the calculated amount, enter the subtraction in the Force
field.Total federal depreciation on property with bonus depreciation: 50% assets
The federal depreciation for assets qualifying for bonus depreciation equal to 50 percent of the basis in the property transfers from the asset module to the
Calculated
field. If you aren’t using the asset module or if you want to override the calculated amount, enter the subtraction in the Force
field.Total federal depreciation on property with bonus depreciation: 100% assets
If 100 percent bonus was taken as the federal level for assets placed in service beginning in 2021, the
Calculated
field displays the amount of depreciation that would've been claimed on those assets if the 100 percent bonus had not been elected. If you want to override the calculated amount, enter the subtraction in the Force
field.Subtraction for last year of depreciation
The subtraction is the total amount of all prior-year bonus depreciation for assets disposed of during the current year or in their final year of depreciation.