turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Where do I put in cost of goods sold

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
IreneS
Intuit Alumni

Where do I put in cost of goods sold

To enter inventory/cost of goods sold for your business, please follow these steps:

  1. Click on the Business tab > Continue > I'll choose what to work on
  2. On the Let’s gather your business info screen, in the Business Income and Expenses section, click the Start/Update button.  [See Screenshot #1, attached.]
  3. If you have already started adding information about your business, you will see the Here's the business info we have so far screen.  Click on the Edit box next to the business.  [Screenshot #2]
  4. If you haven't already started adding business information, continue through the screens to enter the needed information.
  5. You will now be on the Your [XX] Business screen.  In the Inventory/Cost of Goods Sold section, click the Start/Update box.  [Screenshot #3]
  6. On the next screen, Do You Have Inventory to Report? mark the button next to Yes, I have inventory to report and click Continue.
  7. Continue through the screens, entering the requested information.
  8. When you are finished entering inventory, you will be brought back to the Your [XX] Business screen.   From here you can enter other business items (income, expenses, assets,  etc.).

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

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies