I am doing a Shedule C for the first time and Turbotax is wants me to fill out the field value for "election to amortize startup costs expenditure amount must be entered". I want to amortize over 5 years but I am not sure what I should be entering here. Example: my startup expenses for 2023 is 5000, I input 1000 for my expenses in Shedule C because I wanted to break it into 1000 for 5 years of taxes. So is it asking me to input 1000 (amortize) or my real expenses for 2023 of 5000? I assume it wants 1000 and not 5000 since it not asking how many year to spreed it out. Is this correct? I hope I was not suppose to put in the 5000 in the schedule C expense supplies vs. the 5000/5=1000 I did put in.
Also, if this is wrong, how do it find this field again to fix it?
