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Level 2

Question

I am trying to enter the inventory and don't see an option for 2021? also should I put how many items I had made or the total value in the inventory section?

Forum|Forum|4 years ago
February 14, 2022
5 replies
26 views

For clothing direct sales, I want to enter my inventory

TurboTax Self Employed Online

Level 9

Being that you are using Turbo Tax Self employed, you either have a single member LLC or sole proprietor. There is no balance sheet on the tax return, so you would not necessarily need to enter inventory. However you do need the inputs to record the cost of goods sold. In the self employment section, after you have entered income, it gives you an opportunity to enter expenses. Scroll down to "less common expenses." You will see inventory there.

If you had no revenue, the purchases you made would not be expensed. You will have to wait until you have revenue. When you do have sales you would record it by entering the beginning inventory, the amount you spent on inventory during the year and the ending inventory.

kegeiAuthor

Level 2

But where do I put the cost of goods purchased? Like from me purchasing from the wholesalers who I had develop the designs into clothing

Level 9

After you enter the beginning and ending inventory, there is a page for the cost of purchases made during the year.