Where do I enter toal sales income and deduction cost of sales product?

clesontm — Tue, 04 Jun 2019 23:08:36 GMT

Follow the steps below to enter the income. The products...

Coleen3 — Tue, 04 Jun 2019 23:08:37 GMT

Follow the steps below to enter the income. The products would be counted in Cost of Goods Sold/Inventory or as supplies.

If you use cash method and your total average income for the last 3 years was less than $1,000,000 per year, you don't need to use the cost of goods sold section at all.

Instead, you can just write off your merchandise under supplies or miscellaneous expenses when you purchase it. In this case, your merchandise purchase in 2016 would be fully written off then as a business expense. Your 2018 is written off in 2018.

HOW TO ENTER without a 1099-Misc

First, sign in to My TurboTax

Next, click the orange Take me to my return button

On the white bar at the top, click Federal Taxes

Then, Wages & Income

In the Self-Employment section (you may need to click Show more), next to Income and Expenses, click Start (or Revisit)

When asked "Did you have any self-employment income or expenses?" select Yes

You'll see the screen titled "Tell us the type of self-employment work you do." Enter your description, then Continue

On the next screen "Let's get income for [description]" select the button Additional income. Includes 1099-K, check/cash payments and Continue

The next screen will say "Tell us about additional income for your [description] work." List descriptions and amounts on this screen

topic Where do I enter toal sales income and deduction cost of sales product? in Deductions & credits

Where do I enter toal sales income and deduction cost of sales product?

Follow the steps below to enter the income. The products...