Business Deductions

[jrouse39]

I'm helping my daughter with her taxes and she is a part time Consultant. We entered her 1099-MISC. and her expenses. She does not keep any inventory, so we posted "no Inventory to report and it keeps putting $800.00 in inventory and deducting it from her gross wages,  and we don't know where that is coming from. She has no inventory, but it won't let us take it out. How do I get the $800.00 out of there? 

[AlanT222]

The best way to find out where the $800 deduction is coming from is to look to see if there is an $800 expense or expenses adding to $800 listed anywhere on schedule C.  Make sure you did not put the $800 in purchases instead of supplies.  

[jrouse39]

Thank you AlanT222. I found it on Schedule C. Not sure how the $800.00 got in there, but the problem is how do I get it out of Schedule C? I tried to delete it or zero it out and it won't delete???? Help!!

[KrisD15]

Please try this:

• Log into your TurboTax return
• Click on Federal
• Click on Income & Expenses
• Click on the Edit/Add button beside your Self-employment income and expenses
• Click the Edit button beside "Your business name"
• Scroll to Expenses and click on the trash can icon beside Inventory 

You will be taken to "Do you have inventory to report?". Yes is already highlighted, click continue.  Continue through the screens deleting any amounts that are entered.  (Don't enter zeros, just delete all of the numbers).

When you get back to the Self-Employment summary page, Inventory will no longer be reflected in Expenses.

Original answer