Under Income & Expenses (tab at the top of your screen), click Review next to Self-employment income and expenses (this assumes that you have already entered your self-employed income). Click Review again next to the specific self-employed activity and scroll down to the Expenses category. Click Add expenses for this work. A list of expenses will pop up. Click the button next to Inventory and click Continue. Proceed through the inventory interview questions to enter details about your inventory.

TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

candytraning-

Level 1

Solved

Where do I enter the inventory method for COGS?

Forum|Forum|6 years ago
January 14, 2020
2 replies
31 views

No text available

TurboTax Live Self Employed

Best answer by GiseleD

Under Income & Expenses (tab at the top of your screen), click Review next to Self-employment income and expenses (this assumes that you have already entered your self-employed income).

Click Review again next to the specific self-employed activity and scroll down to the Expenses category.
Click Add expenses for this work.
A list of expenses will pop up. Click the button next to Inventory and click Continue.
Proceed through the inventory interview questions to enter details about your inventory.

GiseleDAnswer

Level 14

Under Income & Expenses (tab at the top of your screen), click Review next to Self-employment income and expenses (this assumes that you have already entered your self-employed income).

Click Review again next to the specific self-employed activity and scroll down to the Expenses category.
Click Add expenses for this work.
A list of expenses will pop up. Click the button next to Inventory and click Continue.
Proceed through the inventory interview questions to enter details about your inventory.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

Carl

Level 11

Take special note that in the business profile section you *MUST* select the option to indicate that your business *DOES* carry inventory. If you don't select that option, the program will never ask you about inventory.