1. The amortization is reported in the same area of your return as depreciation. Amortization is for intangible assets.
To enter amortization in TurboTax Online, follow these steps:
- From the left menu, select Federal
- Income & Expenses>Self-employment Income & Expenses>Review
- Review
- Add expenses for this work
- Scroll down to Assets, highlight the radio button and scroll all the way to the bottom to click Continue
- If you have assets already, select to go to the Asset Summary. If you don't, add an asset
- On the Describe This Asset screen, chose Intangibles, Other Property and click Continue
- Tell Us a Little More is the next screen to help describe the type of intangible and enter your details
To enter amortization in TurboTax CD/Download, follow these steps:
- From the Business Tab, Business Income and Expenses will be open. Click Continue
- I'll choose what I work on
- Business Income & Expenses click Update
- Click Yes and Continue through until you get to Here's the business info we have so far. Click Edit next to the Business
- Scroll down to Business Assets and click Start/Update
- Continue through any introductory questions about large purchases, improvements to the building or items over $2,500 until you get to Describe This Asset
- Select Intangibles, Other Property and click Continue
- Tell Us a Little More: Referring to how this amortization was labeled last year, either as land improvement, goodwill or something else, answer the categorizing question and click Continue
- Follow through the rest of the questions to enter your details
2. Yes, that is a problem. Regarding New Jersey, when the initial listing is in the appropriate section, it should carry to New Jersey automatically. It is a best practice to automate your asset schedule as much as possible, so it is easier to maintain going forward. It was smart of you to verify what was happening with this expense.
For your reference, click this link for more information about depreciation.
[Edited 3/21/2020 | 3:06 PM PST]
@wangwx75
