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April 12, 2025
Question

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.]

  • April 12, 2025
  • 1 reply
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    1 reply

    April 12, 2025

    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.

     

    Here is an article you may find helpful: Start-up Business Tax Tips

    mbnachosAuthor
    April 12, 2025

    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?

     

     

    April 12, 2025

    You should amend 2023 if you need to create the start up asset.  Start-up costs get amortized monthly.