At first I said NO INVENTORY Now I need to say YES...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

At first I said NO INVENTORY Now I need to say YES to allow me to enter some expenses as Costs of Goods.

I am unable to find anywhere that I can go into my return and enable INVENTORY!
2 Replies
Level 15

At first I said NO INVENTORY Now I need to say YES to allow me to enter some expenses as Costs of Goods.

You have to start over in the business section. Select the business tab, then Business Income/Expenses (SCH C). Elect to edit/update your business and work through the business profile again. IN the business profile you must select "YES" where it asks if your business carries inventory. That's the only way you'll see the COGS section later.

 

New Member

At first I said NO INVENTORY Now I need to say YES to allow me to enter some expenses as Costs of Goods.

Thanks, that was what I figured. I will be smarter next year. 

Dynamic Ads
v
Privacy Settings