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2020 IA 4562A Instructions, page 1
2020 IA 4562A Instructions
This form must be completed if taxpayer: in a different basis for Iowa and federal tax purposes in the
• Claimed bonus depreciation during the tax year on federal form personal property received in the exchange.
4562, Depreciation and Amortization; federal form 2106, • Placed a passenger vehicle in service during tax year 2018 and
Employee Business Expenses; Schedule C, Profit or Loss from claimed regular first-year federal depreciation in excess of
Business; Schedule F, Profit or Loss from Farming, or any other $3,560 for trucks and vans, or $3,160 for other passenger
federal form where depreciation was deducted. vehicles.
• Claimed depreciation during the tax year on property and Iowa • Claimed federal cost recovery adjustments during tax year
depreciation adjustments were made to that same property in 2018 resulting from federal Tax Cuts and Jobs Act of 2017
previous tax years. sections 13202 (adjustments to computers as listed property),
Note: See IA 1040 expanded instructions for a complete list of 13203 (modifications to treatment of certain farm property),
years in which depreciation adjustments were required. 13204 (applicable recovery period for real property), or 13205
• Disposed of property during the tax year, and Iowa depreciation (use of alternative depreciation system for electing farm
adjustments were made to the property in previous tax years. businesses).
• Claimed the federal section 179 expense in excess of $25,000 • Claimed certain federal cost recovery adjustments during tax
for tax years beginning on or after January 1, 2003, but year 2018 or 2019 resulting from the Taxpayer Certainty and
beginning before January 1, 2006, and the taxpayer chose to Disaster Tax Relief Act of 2019, Public Law 116-94. For more
claim no more than $25,000 for Iowa tax purposes. information, see the Iowa nonconformity guidance available at
• Claimed the federal section 179 expense in excess of $133,000 tax.iowa.gov/iowa-nonconformity-taxpayer-certainty-and-
for tax years beginning on or after January 1, 2009, but before disaster-tax-relief-act-2019.
January 1, 2010. • Claimed federal cost recovery adjustments during tax year
• Claimed 5-year depreciation on certain new farming machinery 2018 or 2019 resulting from CARES Act, Public Law 116-136,
and equipment purchased in 2009. section 2307 (Qualified Improvement Property). For more
• Placed property used in a farming business in service after information, see Iowa nonconformity guidance available at
December 31, 2017, and before January 1, 2019, and used the tax.iowa.gov/cares-conformity.
200% declining balance method for federal purposes.
Part I
Taxpayers are required to use the 150% declining balance
If a taxpayer made a special election on IA 4562A, Part IV in a
method on such property for Iowa purposes.
previous tax year, complete Part II of the 4562B before completing
• Claimed the federal section 179 expense in excess of $25,000
Part I of this 4562A.
for tax years beginning on or after January 1, 2016, but before
List each item of property falling within the parameters listed above.
January 1, 2018.
A separate schedule can be included listing all qualifying property.
• Claimed the federal section 179 expense in excess of $70,000
Grouping of assets by class is also permitted. For example, all 3-
for tax years beginning on or after January 1, 2018, but before
year assets or all 5-year assets, etc., may be grouped together. If
January 1, 2019.
assets are grouped, the taxpayer is responsible to maintain all
• Claimed the federal section 179 expense in excess of $100,000
records necessary to support how each item was grouped.
for tax years beginning on or after January 1, 2019, but before
January 1, 2020.
• Claimed a like-kind exchange of personal property in tax years
2018 or 2019 for Iowa tax purposes on IA 8824 which resulted
41-105d (10/21/2020)
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