How do you enter a §195 election in ATX

[BulldogTom]

How do I make ATX do this? I don't see a place in the asset entry or on the 4562.

Any help is appreciated.

Tom

Lodi, CA

[Maura]

go to forms type in elections and scroll down the list

[Lynn EA USTCP in Louisiana]

Tom, there is a section for "Elections". You may have to add it to your return. It has LOTS of elections, applicable to general returns, only to 1040, only to 1165, only to 1120 or 1120S, etc. I think once you find that you'll be able to make your 195 election.

Lynn Jacobs, EA

Kenner, LA

[jmallard]

Tom,

Also, In Asset Entry, oOn the Asset Input Sheet, you can select "Z-Amortization" in # 4 "Asset category" and then in # 5 you can select # 8, "Amort - 195 - Bus start-up exp".

Hope that's what you're looking for.

[BulldogTom]

Tom,

Also, In Asset Entry, oOn the Asset Input Sheet, you can select "Z-Amortization" in # 4 "Asset category" and then in # 5 you can select # 8, "Amort - 195 - Bus start-up exp".

Hope that's what you're looking for.

That is the ticket. Thanks. You guys are the best.

Tom

Lodi, CA

[BulldogTom]

OK, I got the elections statement, and I entered the Asset with the Z and §195 description. I even found the box on the global tab to make the election to deduct start up costs.

I have poked and clicked around and cannot get more than the normal amortization to show up anywhere.

Shouldn't it be an additional amount on the 4562? And it should flow to line 13 of Sch. C? If so, how do I get it there?

Your help would be greatly appreciated.

Tom

Lodi, CA

[kcjenkins]

Tom, the portion that you elect to write off this year, up to $5000, is taken directly on the return, as long as you do the election. If a Sch C, or F, put it on the 'Other Expenses' section. There is not a specific line for it.

[BulldogTom]

Tom, the portion that you elect to write off this year, up to $5000, is taken directly on the return, as long as you do the election. If a Sch C, or F, put it on the 'Other Expenses' section. There is not a specific line for it.

That seems wierd, it does not go on the depreciation schedule? I trust you, but it seems that it should go on the 4562.

Thanks KC. You are still the greatest. When are you coming out to see your grandkids? I will take you to dinner (or have you over for some California BBQ - what you southerners call "grillin') if you want to drive up.

Tom

Lodi, CA