We purchased a business in 2019 - as an LLC, filing as an S Corp, we paid $30K for Goodwill - I believe that is an allowable deduction in Section 197 - but I don't see where to enter it on the Turbo Tax Business Edition. Thank you.
Click the Federal Taxes tab and then click Income.
In the Dispose of Business Property section click Business property/assets and then click Start (or Update).
Add an asset (e.g., the Section 197 intangible) providing a description and the date of purchase.
On the next screen select Other and then select Amortizable intangibles on the following screen.
Enter the amount you paid for the asset ($30k) and then select 197: Section 197 intangibles on the next screen.
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