Question

Amoratizing business start up expenses

Hi!

In 2020 I had $18,539 in start up expenses before my business began.

I deducted the allowable $5000 leaving a balance of $13,539

For 2020 Turbo tax automatically amortized on a 15 year schedule, code 195, and deducted an additional $752.

How do I enter the amount to amortize on my 2021 return?

Turbo Tax is not automatically generating the start up cost amort.

Thanks!

Employee

Are you using TurboTax Business? Which type of return are you preparing?

You should enter the total cost under Startup Costs in the program.

Untitled.png

1 reply