Form 4562 Bonus Depreciation:    • IRS Form 4562 (Depreciation & Amortiz...  
Form 4562 for Disallowed Section 179:    • IRS Form 4562 (Depreciation) Disallow...  

IRS Form 4562 reports regular depreciation & amortization, Section 179 expense, and special bonus depreciation.

For this example, we look at an S corporation's Form 4562, where the company claims Section 179 expense on two machinery purchases during the year. The Section 179 amount is separately stated on the K1s because it is subject to taxable income limitations for both the company and the individual shareholder.

For more information on depreciation for businesses, view the Form 4562 instructions and IRS Publication 946.

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