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formermgr
New Member

IRC Section 195b1

This form in TurboTax is for "Election to Amortize Start-up Expenditures". It was apparently added during the 'walk through' Easy Step interview since I started a small business. However, what if I don't want to, or don't need to Amortize (no high dollar items/tools/machines...) and just have expenses? The fact that it states "Election" indicates a choice. If I choose not to Amortize, can I just delete that form? Right now I'm getting stuck on the Federal Review making me go back to fix that form. I've already listed all my expenses in Schedule C, Part II, Expenses.

 

Can anyone clarify please?

 

Thanks

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1 Reply
MaryK4
Expert Alumni

IRC Section 195b1

If your Startup costs are more than $5,000 TurboTax automatically uses the election.  If you want to delete, see How do I view and delete forms in TurboTax Online?

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