MaryK4
Employee Tax Expert

Business & farm

Yes, in TurboTax, you can indicate that "I used different methods to value my inventory at the beginning and end of 2024"  The next screen will allow you to type an explanation and the beginning and ending amounts.

 

You also can hire her an an employee, but you would have to issue a W2 and have additional filing requirements (unemployment tax).  If you treated her as an independent contractor, you could issue her a 1099-NEC, but you would still have to report a Schedule C for her and there would be more scrutiny if you used this method.  

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

View solution in original post