Start Up Costs, ATX Data Entry

[G2R]

Hello!  
I've entered approx. $8k in startup costs for a client into ATX.  I cannot figure out how to get ATX to allow the $5k deduction.  Anyone know how? 

 

[mircpa]

May be reduce recover period to 1.6 yrs.

What kind of assets are these those that you want to write off almost 63% in year 1 ?

[jklcpa]

Have you tried entering the IRC section in the box just above the serial number area?

Or possibly there is a different entry required for "method" and "convention"?  Sorry, no longer use ATX so just guessing it is something simple on that screen.

[Lynn EA USTCP in Louisiana]

I have entered the start up costs as an 'other expense' and then amortized the amount that exceeds the $5,000.

[grandmabee]

Yes,  You  enter them as expense then amortize the balance.  I think the instructions say enter them in the expense they go to IE:  office supplies, advertising. etc.

[G2R]

2 hours ago, Lynn EA USTCP in Louisiana said:

I have entered the start up costs as an 'other expense' and then amortized the amount that exceeds the $5,000.

2 hours ago, grandmabee said:

Yes,  You  enter them as expense then amortize the balance.  I think the instructions say enter them in the expense they go to IE:  office supplies, advertising. etc.

This is what I ended up doing.  Thanks for the replies everyone. 

 

2 hours ago, jklcpa said:

Have you tried entering the IRC section in the box just above the serial number area?

Or possibly there is a different entry required for "method" and "convention"?  Sorry, no longer use ATX so just guessing it is something simple on that screen.

Yes, I tried this.  It didn't change anything. Thanks for your input. 

[Abby Normal]

Subtract 5,000 from the cost basis of the asset you entered, then expense the 5,000 as other exp, and amortize the remaining 3,653.