Can I record amortization of intangible assets in turbotax?

[marco-cucchi]

I need to amortize copyright fees and franchise costs. They are tax deductible, but not amortized on my books.

[PatriciaV]

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.

1. Open your return and navigate to the Schedule C where you need to enter this asset.
2. Click Start/Update beside Assets and Depreciation (this may have a different title, depending on what version of TurboTax you are using).
3. Add a new asset.
4. On the page "Describe This Asset", check the box for "Intangibles, Other Property" then "Amortizable Intangibles."
5. Complete the description, cost, and date for this asset.
6. Indicate that you purchased the asset and always used it 100% for your business. Enter the same date as before.
7. On the page "Select a Code Section," click the down arrow and choose the applicable code. Click the blue link for more information.
8. Copyright and Franchise Fees are Section 197, with a 15-year life, per IRS Instructions for Form 4562 Line 42, Code Sections
9. Continue to see the amortization expense for this year. Check the "show details" box to review your entries.