Hi everyone, I'm spent hours trying to resolve this with no luck and would appreciate any help.
So I needed to amend my 2018 return because I realized I valued my inventory wrong initially. I've been selling on ebay since 2016 so I have to file self-employment taxes.
I also had to amend my 2017 taxes last year, so I valued my inventory around $28,000 at the end of 2017. However Turbotax doesn't even have a box to let me input my inventory value at the beginning of 2018, only at the end of 2018, which I valued at around $22.
This is making my COGS number $0 on my return which is obviously wrong because I had inventory at the beginning of 2018. Turbotax is assuming 2018 is my first year in business and isn't even giving me the option of typing in a value which is creating headaches. Even though I amended my 2017 taxes on Turbotax, I had to go back and buy old software so Turbotax 2018 isn't recognizing my value of inventory at the end of 2017.
I'm stuck at this point and might just keep overpay in taxes to be done with this headache.
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Try going to the Business Profile or General Info section of the Schedule C and be sure that the box indicating that you started the business in 2018 is not checked. Otherwise, you will not have the option of entering a starting inventory.
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