Tax Year Prior to 2020: Assistance with reporting inventory

[engret_yvonne]

how to add inventory for new business.

[KarenL2]

If it's brand new business for 2016, your beginning inventory will be zero.  Then, you will add your purchases and ending inventory amounts.

While inside the software and working on your return, type Schedule C in the Search at the top of the screen (you may see a magnifying glass there).  There will be a popup that says Jump to Schedule C.  Select that to get to the general area. 

Then:

• select Edit next to your business (if it is there)
• scroll to Inventory/Cost of Goods Sold

Follow through all the areas in the Business section of the TurboTax software and it will provide you with a lot of assistance. You'll notice blue links that have more information and details about the particular sections that will be extremely helpful. 

Also, this link may be helpful to you IRS Small Business Help Center .