Get your taxes done using TurboTax
In TurboTax Premier Online, enter Inventory and Cost of Goods Sold by following these steps:
- 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.
