Need to correct startup costs

Forum|Forum|4 years ago
February 21, 2022
2 replies
0 views

In the Business summary, the line "Other Common Business Expenses" has a total which includes the startup costs.

When I click on "Update", I can see all the categories (Advertising, Business Travel, ...), but there is no category representing the "Startup costs" and no category with the corresponding amount.

In short.. I don't find any way to update the amount I incorrectly entered..

Can someone help me ?

TurboTax Home & Biz Windows

ZoltanB45

Generally, Turbo Tax guides the taxpayer to enter the Startup Costs in "Other Miscellaneous Expenses." You may have manually entered that title in that section.

Nodes71Author

Yes I did !

Now I need to update this value. Unfortunately I didn't find any mean to access and update it...

JamesG1

Update start up costs as follows:

In TurboTax H & B, click on Business / I'll choose what I work on.
Click Update to the right of the Business entity to be updated.
Click Edit for the business activity to be updated.
Scroll down to Other Common Business Expenses. Click Update.
Scroll down to Other Miscellaneous Expenses. Click Update.

You can deduct up to $5,000 in startup and $5,000 organizational costs as current expenses if the costs are under $50,000, respectively.

You can choose to amortize startup and organizational costs greater than $5,000, respectively, (but less than $50,000, respectively) over a period of 15 years.

@Nodes71

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Carl11_2

Employee

You just need to start at the very, very beginning of the business section and work it through to see your business listed there. Elect to edit it and that will open a screen titled "Your <businessname> Business" The first item listed is "Business Profile". But don't click that. Scroll down to "Business Expenses" and if 2021 is the year you started your business, the absolute first item listed under Business Expenses is "Startup Cost". Elect to edit that and work it through to make changes as necessary.