Instructions for Form IL-4562 Special Depreciation - Illinois

This document contains official instructions for Form IL-4562 , Special Depreciation - a form released and collected by the Illinois Department of Revenue.

FAQ

Q: What is Form IL-4562?
A: Form IL-4562 is a tax form used by residents of Illinois to report special depreciation deductions.

Q: What are special depreciation deductions?
A: Special depreciation deductions are additional deductions that can be claimed by taxpayers for certain types of property.

Q: Who needs to file Form IL-4562?
A: Residents of Illinois who have claimed special depreciation deductions on their federal tax return need to file Form IL-4562 with their state tax return.

Q: What information do I need to fill out Form IL-4562?
A: You will need to provide details about the property for which you are claiming special depreciation deductions, including the date it was placed in service, its cost or basis, and the amount of the deduction.

Q: When is the deadline to file Form IL-4562?
A: The deadline to file Form IL-4562 is the same as the deadline for filing your Illinois state tax return, which is usually April 15th.

Q: What happens if I don't file Form IL-4562?
A: If you have claimed special depreciation deductions on your federal tax return but fail to file Form IL-4562, you may not be able to claim those deductions on your state taxes.

Q: Can I e-file Form IL-4562?
A: Yes, you can e-file Form IL-4562 along with your Illinois state tax return.

Q: Are there any special instructions or considerations for filling out Form IL-4562?
A: It's important to carefully follow the instructions provided with the form and ensure that you accurately report the necessary information for claiming special depreciation deductions.

Q: Is there a fee to file Form IL-4562?
A: There is no fee to file Form IL-4562, but you may need to pay applicable taxes based on the information you report on the form.