I can't find Startup Costs as described. Where is it? [Q: ..Start up costs carry over from 2023. A: Step 6 Select Less common expenses & then chose Startup Costs.]
I can't find Startup Costs as described. Where is it? [Q: ..Start up costs carry over from 2023. A: Step 6 Select Less common expenses & then chose Startup Costs.]
Are you looking to edit 2023 start up costs or enter 2024 start up costs?
Here's how to report amortizable start up expenses from 2024 in TurboTax Online:
Navigate to Federal > Wages & Income > Self-employment income and expenses
Edit the business or create a new one
Choose "Add expenses for this work"
Select Assets and continue
In the list of expenses, assets will now appear. Select the pencil icon to edit
On the screen, Any Large Purchases (Depreciable Assets)? select "Yes"
Continue through interview, on the screen Describe This Asset, choose Intangibles, Other property
On the screen Tell Us a Little More, choose "Amortizable intangibles"
Describe the asset as start up costs, enter the cost and the date purchased. You can group costs for the same month together, but create new assets for purchases in different months, because the amortization calculated to the month
Continue through the interview and when you get to Select a Code Section, choose 195: Business Start-up Costs
If you want to locate the 2023 amount, it will be in the asset section already.
I made all the investment and legally opened in during 2023, but did not operate until 2024. It was not claimed in 2023. I want to carry it over into the 2024 filing. Start up expenses are not appearing where the help screen states it should be. Any other ideas?