Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Oct 13, 2020 12:43:29 PM

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!

0 2 541
2 Replies
Level 15
Oct 13, 2020 5:03:27 PM

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
Oct 16, 2020 5:16:13 AM

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