Where do I enter the "Cost of Goods sold?"

[ThomasM125]

You need to review your business entries in TurboTax and on the page that says Your (name of business) Business, you will choose a section called Inventory/Cost of Goods Sold. Once in that section, you will need to enter your purchases and ending inventory and TurboTax will calculate your cost of goods sold. 

[dbarskey]

Thanks for your reply but I am using the on-line version of Turbo-tax and I could not find anything labelled "your business"   in the "Self-employed"  section or anywhere else.  There is a section called "business name" but that only lets you enter the name of the business.

[JamesG1]

In TurboTax Online, enter Cost of Goods Sold by following these steps:

• Down the left side of the screen, click on Tax Home.
• Click on the down arrow to the right of Review.
• Click on the blue band labeled Review.
• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages & Income.
• Click the down arrow to the right of Self-Employment.
• Click to the right of Self-employment income and expenses.
• If you have not established a self-employment activity, the activity should be created.
• After the self-employment activity has been established, click the pencil to the right of the activity at the screen Your 2024 self-employed work summary.

• At the screen Here's your xxx info. select Add expenses for this work.
• In the search box in the center of the screen, enter Inventory.
• Check the box to the left of Inventory.  Click Continue.
• At the screen Here's your info for this work, click the pencil to the right of Inventory.
• At the screen Do you have inventory for your work? select Yes, I have inventory to report.  Click Continue.
• Follow the screens to report beginning inventory, ending inventory and cost of goods.

[dbarskey]

Great help. And an ultra fast response. Thanks very much.