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New Member
posted Jun 5, 2019 5:13:32 PM

I just read that I don't have to report inventory if I make less than $1M in sales, but when I try to remove the info from TurboTax, it doesn't do anything.

There is currently a number in the inventory field for 2017, I try to delete it but nothing happens, the number is still showing up.

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3 Replies
Expert Alumni
Jun 5, 2019 5:13:33 PM

Yes, in addition to removing the inventory balances, you should also uncheck the box for "My business carries an inventory." This is found on the page "Tell Us More About Your Business" in the Business Profile section.

New Member
Jun 5, 2019 5:13:34 PM

I can't find this section. If I go to the business section, click "inventory" there's the option "does your business carry an inventory?" I click "no" and nothing changes. I click the trashcan next to Inventory and it takes me to the same page.

Expert Alumni
Jun 5, 2019 5:13:36 PM

If you had a beginning balance in inventory from last year, enter zero for ending inventory (you will need to include Inventory this year to clear it for next year).

Otherwise, check the box for inventory, then remove any entries you made for that section.
Then go back and answer no, along with deleting Inventory (trash can).

If the value still remains, you could try deleting the Schedule C Wks. See this post for instructions: <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1894474">https://ttlc.intuit.com/questions/1894474</a>