  We report the discovery of KELT J041621-620046, a moderately bright
(J$\sim$10.2) M dwarf eclipsing binary system at a distance of 39$\pm$3 pc.
KELT J041621-620046 was first identified as an eclipsing binary using
observations from the Kilodegree Extremely Little Telescope (KELT) survey. The
system has a short orbital period of $\sim$1.11 days and consists of components
with M$_1$ = $0.447^{-0.047}_{+0.052}\,M_\odot$ and M$_2$ =
$0.399^{-0.042}_{+0.046}\,M_\odot$ in nearly circular orbits. The radii of the
two stars are R$_1$ = $0.540^{-0.032}_{+0.034}\,R_\odot$ and R$_2$ =
$0.453\pm0.017\,R_\odot$. Full system and orbital properties were determined
(to $\sim$10% error) by conducting an EBOP global modeling of the high
precision photometric and spectroscopic observations obtained by the KELT
Follow-up Network. Each star is larger by 17-28% and cooler by 4-10% than
predicted by standard (non-magnetic) stellar models. Strong H$\alpha$ emission
indicates chromospheric activity in both stars. The observed radii and
temperature discrepancies for both components are more consistent with those
predicted by empirical relations that account for convective suppression due to
magnetic activity.
