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.

cocass
New Member

Where is income from sales entered on the updated TurboTax for self employed? previous versions allowed for sales to be entered for a retail business.

Little confused why retail sales would be entered under other income.

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

Where is income from sales entered on the updated TurboTax for self employed? previous versions allowed for sales to be entered for a retail business.

You would enter it under the option for "Additional income and other income" - this is basically a line for general income that isn't reported on a Form 1099-MISC.  It will get totaled to Line 1a of Schedule C for "gross receipts or sales not reported on a 1099-MISC," which, in turn, will get totaled with any 1099-MISCs for total gross receipts and sales.

After you enter your income, you will be prompted with a list of expenses.  This year TurboTax is more interactive and it will suggest different expenses that you might have based on your business description.  You will want to make sure you fill out the Inventory section for a retail sales business, but I'd also recommend checking the full list by selecting "Less Common Expenses" after you are done with all the recommended expenses.  

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies