Business inventory

exineport · ‎May 31, 2019

I don't see a category and wasn't asked about my business inventory like the last years even though i upgraded to self employed this year. What am I missing and where do i put my inventory costs/basis etc?

PeterM · ‎May 31, 2019

Log into your tax return. Use the search box in the upper right hand corner of your screen and type in "cost of goods sold, self-employed business". This will cause the "Jump to cost of goods sold, self-employed business" link to come up...click that link. Turbo Tax will guide you through some specific questions about your business. Once you've answered these questions Turbo Tax will then bring you to the screen that gives you the option to enter your inventory (see screenshot below). Once you click the Inventory and Cost of Goods Sold button, Turbo Tax will guide you through the process of entering your inventory expenses.

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PeterM · ‎May 31, 2019

Log into your tax return. Use the search box in the upper right hand corner of your screen and type in "cost of goods sold, self-employed business". This will cause the "Jump to cost of goods sold, self-employed business" link to come up...click that link. Turbo Tax will guide you through some specific questions about your business. Once you've answered these questions Turbo Tax will then bring you to the screen that gives you the option to enter your inventory (see screenshot below). Once you click the Inventory and Cost of Goods Sold button, Turbo Tax will guide you through the process of entering your inventory expenses.