Business Cost of Good Sold and Inventory Not Appearing

Forum|Forum|5 years ago
February 24, 2021
4 replies
25 views

Hello,

I am working on my 2019 taxes and the COGS and inventory numbers are not showing up (i.e. they are zeroed out). Is there something I am doing wrong here? Shouldn't they show up? I should have $8692 here. Thanks in advance.

TurboTax Home & Biz Windows

WendyN2

Level 9

Yes, it should be populating, if you had used TurboTax in 2018 and imported that return then the figures should be flowing through. Given that I do not know if that is the case, as well as not knowing what you selected for carrying of inventory, my hands are a little bit tied. If you have done everything correctly (as far as you can tell), have you tried going back to the beginning and going through the step by step questionnaire regarding Inventory?

Taxing TaxerAuthor

Level 2

Hi Wendy,

Ok I figured it out. It is asking for the ending inventory. The only problem is know if isn't factoring all my expenses in my net income. With the COG and expenses I should have a (-10775 loss). I cannot figure out how this program is adding things together.

WendyN2

Level 9

So, if it is asking you for the ending Inventory, and you know what you have as a loss (based on your workpapers, I am assuming), try playing around with what the system wants for ending inventory provided you know the purchases (if any - ha) exist, to get yourself to the <10,775>. I've had to do this on many occasions for various reasons when I know what the information should be but the system is not calculating properly. Have you checked to see what the carryforward was from Y-E 2018? I assume you've verified that this is correct?