topic Where do I put material I bought on my turbo tax self employment return. This is material I bought for my Electrical company in Get your taxes done using TurboTax

Where do I put material I bought on my turbo tax self employment return. This is material I bought for my Electrical company

krystitravisdelk — Fri, 03 Apr 2020 19:58:20 GMT

On my past returns it is under costs of goods sold. Supplies for sure?

Re: Where do I put material I bought on my turbo tax self employment return. This is material I b...

DawnC — Fri, 03 Apr 2020 20:30:44 GMT

If on your past returns, you used the Cost of Goods Sold (Inventory) account to record your business supply purchases, you should continue using that account. To enter your purchases/supplies/materials in your inventory account:

Type Schedule C in the Search box.
Select the Jump to link.
- If this is your first time working in this section: You’ll be asked some questions about your self-employment work and income and then have a chance to enter your expenses.
- If you have already entered some information about your self-employment work:
  - Select Edit next to your business and confirm your general business info if asked.
  - Select Add expenses for this work if inventory is not already on the list.
Select Start next to Inventory. Purchases, materials, and supplies used in your finished products are included in your inventory.
You will need the inventory account information from last year (ending inventory) in order to properly report your Inventory costs this year.

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If you are not reporting inventory/COGS but had material or supply expenses, enter them as Supplies under expenses.

Where do I put material I bought fo my home business

Trinyprincess75 — Wed, 03 Feb 2021 00:43:03 GMT

I cabt find schedule c anywhere

Re: Where do I put material I bought fo my home business

LenaH — Wed, 03 Feb 2021 01:17:02 GMT

To create or edit a Schedule C on your TurboTax return, please follow these steps:

Open your return.
Search Schedule C with the magnifying glass tool at the top of the page.
Select the Jump to Schedule C link at the top of the search results.
Click on Add another line of work.
Follow the on-screen instructions to complete your Schedule C.

@Trinyprincess75