TurboTax calculates Cost of Goods Sold through the inventory entry section.
To get to inventory in TurboTax Online you can follow these steps:
- Within your tax return, go to your self-employed income or use the magnifying glass to search for Schedule C and click Jump to schedule c.
- On the Your 2022 self-employed work summary page click Edit.
- Scroll down to Inventory and click Start.
- Answer the remaining questions regarding beginning/ending balances and current-year expenditures.
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