What if I entered Cost of Goods Sold on Other Costs of Schedule C and already filed? Did I double account for COGS?

Forum|Forum|3 years ago
January 24, 2023
1 reply
2 views

My husband runs a vending machine route with assistance of a federal program. He provides a monthly report to this federal program which includes Costs of Good Sold. I totaled his monthly reports and entered that amount under Other Costs thinking this is COGS. I am not sure that was correct and already e-filed.

TurboTax Self Employed Online

PatriciaV

Level 15

No, if you entered the summary information from the monthly reports correctly, it's unlikely that you reported Cost of Goods Sold twice. Although Cost of Goods Sold (COGS) is typically reported separately on Schedule C, entering a business expense in the wrong category will not affect your taxes.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

laciandrileyAuthor

Level 2

I totaled the cost of goods sold from the reports and put that total under other costs which ended up on schedule c. I also input the total purchases for the year.