Hi KathrynG3,
I appreciate the reply but I am still having an issue with this and would appreciate further assistance getting this correct from you and the rest of the community. I left out something from my initial post after re-reading it. I am using the TurboTax "Amend" software for 2019 taxes if it makes any difference. I did what you said and left the inventory beginning and end $0.
I am entering 24,xxx as "Income or Sales". I am leaving everything else above the same except I am leaving both beginning and ending inventory fields $0 as you said. For "Cost of Purchases" I am entering 23,5xx. Only two inputs for dollar amounts overall. What it is giving me under "Business Summary" is $500 for "Gross Income" AND $500 for "Net Income", which is incorrect. These numbers need to be different, but they are showing the same. The net in this instance is correct, but the gross is not showing $24,xxx as I am entering it. How do I correct this?
From the format above, this is what I am entering:
Exact inputs we are entering for business income in turbotax program after the adjustments from your post:
Accural method
We play an active role in the business
No I don't have 1099 or 1099-MISC
"Income or Sales": $24,xxx
My business carries an inventory
Cost Method
Beginning inventory: 0.00
End inventory: 0.00
Cost of purchases: 23,5xx
Yes, qualified business income
What it is showing on screen after these inputs:
Gross Income: 500
Net Income: 500
What it should be showing:
Gross Income: 24,xxx
Net Income: 500
I know this is likely a very simple thing to solve for some of the experienced turbotax experts on this site and would greatly appreciate any help.
Thanks in advance!
