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Business Cost of Good Sold and Inventory Not Appearing

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. 

 

COGS.JPG

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4 Replies

Business Cost of Good Sold and Inventory Not Appearing

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? 

Business Cost of Good Sold and Inventory Not Appearing

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.  

 

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Business Cost of Good Sold and Inventory Not Appearing

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? 

Business Cost of Good Sold and Inventory Not Appearing

Tried that.  It doesn't work.  My net income is locked.  Definite glitch. 

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