My method was super-long...
This was how I broke it up:
Case 1: 1 non zero entry - no possible matrices
Case 2: 2 non-zero entries
Possible only if entries are diagonal from each other( i.e.\left(\begin{array}{cc}0&a\\b&0\end{array}\right) or \left(\begin{array}{cc}a&0\\0&b\end{array}\right)), and then 4^2\times2 = 32 of these are possible.
Case 3: 3 non-zero entries
all combinations are possible, and there are 4^3\times4 = 256 in total.
Case 4:4 non-zero entries
There are 4^4 = 256 possible in theory. There are several subcases which must be deleted:
Subcase1: matrices of the form \left(\begin{array}{cc}a&b\\a&b\end{array}\right) and \left(\begin{array}{cc}a&a\\b&b\end{array}\right). There are 4^2 +4^2 - 4 =28 of these (overcounting 4 matrices, when a=b)
Subcase2: all other matrices that give a determinant congruent to 0 (mod 5). I found 6 "types" of these matrices, each of which could be rearranged into 2,4, or 8 other combinations to give the same determinant. In total I found 30 of these (this is where I'm a little skeptical).
This gives me a total of 32 + 256 + (256-28-30) = 486 elements. Is there something I missed?