topic Amortization Exp in Deductions & credits

Amortization Exp

trink1954 — Mon, 29 Jun 2020 18:36:33 GMT

Have a business that was dissolved in 2019 but still had intangible items (setup charges) that had not been fully amortized. How/where do I enter the balance so that it can be expense in for 2019?

Re: Amortization Exp

MinhT1 — Mon, 29 Jun 2020 18:51:39 GMT

If your business is dissolved in 2019, you can expense the unamortized portion of your intangible assets by adding it to the amortization expense.

Re: Amortization Exp

trink1954 — Mon, 29 Jun 2020 19:27:58 GMT

Ok , thanks but do you know where in TurboTax you would enter the info?

Re: Amortization Exp

MinhT1 — Mon, 29 Jun 2020 19:47:10 GMT

In the Business section, Business Assets, under Intangible Assets (the unamortized asset), check the box The item was sold, retired.... and follow the TurboTax interview (see screenshot attached).