ThomasM125
Expert Alumni

Business & farm

You need to add the startup expenses as an asset in TurboTax. You will see an option to enter assets for your business when you update your business entries. You will see a screen that says Describe This Asset, and you need to choose the Intagibles, Other property option. On the next screen you will see Tell Us a Little More about this asset, to which you will choose Amortzable intangibles. You will see an option on the screen that says Select a Code Section for the start up expenses, and you will choose code 195. Then the expenses will populate on Form 4562 on page two Part VI, line 42.

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