If I have inventory to record, do I record total sales?
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nonam
New Member

If I have inventory to record, do I record total sales?

I have total sales where do I record that amount on the Income tax.
1 Reply
JulieCo
New Member

If I have inventory to record, do I record total sales?

Yes, you are correct that you will need to record your sales for your business on your tax return. Your business sales will be recorded in the income section of TurboTax.  

To find the Income entry section, take the following steps in TurboTax:

Within your Federal return, select the "Income & Expenses" tab at the top of the screen.  

Scroll down to "Self Employment Income & Expenses" and select to EDIT/ADD.   

If you have already entered some information in related to your business, you should be brought to a summary screen for that business.  

Scroll down to INCOME and select that you want to "Add income for this work."  See Sample screenshot.

The next screen should state "Let's Get Income for [your business name]"  There, select the line titled "Additional Income and Other Income"  See sample screenshot.

On the next screen, you can enter your total sales (those not already entered via a 1099 MISC) by entering the description "sales" and then the total sales amount.

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