Here are instructions for accessing the inventory and cost of goods sold section within TurboTax:
- Within your Federal Return, click the Income & Expenses tab at the top of the screen.
- Select to Edit or Add the Self Employment business you are working on
- Select that you want to work on Expenses for this self-employed business
- Select Inventory. You will then be brought to screens where you can enter your beginning and ending inventory values, as well as the cost of inventory purchased during the year to calculate your cost of goods sold. All of this information will then be reported on your Schedule C.
