Yes, you have the option to amortize Research & Development costs under Section 174 in TurboTax Business. Here are the steps:
- Open your return and go to Deductions >> Depreciation of Assets.
- Click Update/Start.
- Add Another Asset or Edit an existing asset.
- Under “Tell Us About This Asset,” enter a description and date.
- Under “Describe This Asset” choose Other (Amortizable Intangible Property).
Under “Tell Us a Little More,” select Amortizable intangibles.
Under "How Much Did This Asset Cost?" enter the total R&D costs.
Use the drop-down under “What Kind of Intangible” to choose 174: Research & Experimental Costs.
“Recovery Period” is automatically set to 5 years.
Any necessary election statements will be included with your return.
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