Startup Costs

[Thom]

I have a client with about $18K in startup costs and meets the 2010 requirements to expense $10000 and amortize rest. I am not certain how to do this in ATX. I have tried inputting the costs in asset entry but cannot figure out how to make it take the 10000 credit. I rarely do corp returns anymore so this is the first time I've encountered this problem. Any advice from those who have dealt with this would be appreciated.

[Pacun]

I have a client with about $18K in startup costs and meets the 2010 requirements to expense $10000 and amortize rest. I am not certain how to do this in ATX. I have tried inputting the costs in asset entry but cannot figure out how to make it take the 10000 credit. I rarely do corp returns anymore so this is the first time I've encountered this problem. Any advice from those who have dealt with this would be appreciated.

Form 1120 line 26 Other deductions, enter 10K (click on the tab). Form 4562 will automatically calculate $51 per month and it will be transferred to line 26 also.

In addition, you must attach your Section 195 election to your tax return.