Yes, you can put your books withdrawn for personal use back into your inventory. Here are the steps to follow in TurboTax Online Self-Employed
- Go to Federal on the right panel.
- Select Income and Expenses at the top of the page
- Click Edit/Add to the right of Self-employment Income and expenses
- Click Edit to the right of your business name
- Under Add income for this work, Expenses, Edit Inventory Select Yes, I have inventory to report and Continue
- Answer Did you use cost method to value inventory?
- Enter beginning and ending inventory (Beginning should match 2019 ending inventory) and Continue
- Now complete the Cost of Goods questions and Continue
This will bring up you business gross profit and you will see the change in your refund or amount owed.
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