Nothing needs to be updated. I ran a test and also have the net income listed as the gross income. Being in 2019 does not change the reporting, but using the CD/Download means you can toggle to the forms!
To confirm that the gross income is being reported in full on Schedule C, follow these steps:
- Toggle to Forms in the top right hand corner by clicking on the Forms icon.
- From the left menu, Forms in My Return, scroll down to Schedule C and click to open it.
- Check Part I: Income in line 1a to determine if the gross amount is being reported as expected.
- Since the net income is correct, it will be reported as expected to the IRS even though the Summary appears to report that the gross income equals the net income incorrectly.
A few things to review:
1. Ending Inventory: Since you are amending a prior year return, please review these scenarios:
- if you sell other things besides the camera parts and had them on hand on December 31, 2019, then include that value in ending inventory. For 2020 reporting, the ending inventory from 2019 should be entered as beginning inventory for 2020.
- if you sell other things but did not have anything on hand, continue with the plan of reporting these categories at -0-.
2. See: What is the accrual method of accounting? for more information. If you change from what has been reported to the IRS, an additional form must be included, called Form 3115, change in accounting method.
@esova12
