Yes, you can add intangible assets for amortization in TurboTax. Look for "Assets and Depreciation" on the business summary page for Schedule C Self-Employment.
The easiest way to find Schedule C in TurboTax Online is to Tax Tools in the left column >> Tools >> Topic Search. Type in "schedule e", click the topic in the list, then Go. In TurboTax Desktop, use the Topic List found in the header.
- Open your return and navigate to the Schedule C where you need to enter this asset.
- Click Start/Update beside Assets and Depreciation (this may have a different title, depending on what version of TurboTax you are using).
- Add a new asset.
- On the page "Describe This Asset", check the box for "Intangibles, Other Property" then "Amortizable Intangibles."
- Complete the description, cost, and date for this asset.
- Indicate that you purchased the asset and always used it 100% for your business. Enter the same date as before.
- On the page "Select a Code Section," click the down arrow and choose the applicable code. Click the blue link for more information.
- Copyright and Franchise Fees are Section 197, with a 15-year life, per IRS Instructions for Form 4562 Line 42, Code Sections
- Continue to see the amortization expense for this year. Check the "show details" box to review your entries.
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