IL-4652 Special Depreciation, prepopulates automatically for Step 2 Line 3 where it says "Last 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."
** My question is how is this line actually calculated or where can I see the supporting information in Turbotax? It doesn't seem to be an automatic addition of Step 3, Line 8 on all previous forms.
Rahul
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I don't think the numbers are stored anywhere but are computed based on federal entries.
from IL-4562 instructions.
You must file this form if you acquired new depreciable property
after September 10, 2001 (and before 9/27/2017), and you claimed additional first year
depreciation of 30, 40, or 50 percent of the basis of that property
on your federal return
Thanks for your reply. Are the entries in IL4562 computed from the information in the current year federal return? ie previous year carry forwards are irrelevant?
don't know
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