How do I add Cost of Goods Sold for Business

christalhall — Sat, 01 Jun 2019 05:08:06 GMT

The following steps will take you to the Expenses section...

AmyT — Sat, 01 Jun 2019 05:08:08 GMT

The following steps will take you to the Expenses section of TurboTax, which is where you will enter the Cost of Goods Sold (COGS):

Select "Federal Taxes" at the top of the screen
Under "Income & Expenses", select SELF-EMPLOYMENT INCOME/EXPENSES (click on Start)
Work through an screens about the business information, name, etc.

If you have inventory :

When you get to the screen that asks "What kind of expenses did you have for <your business>?", choose the drop-down for "Less common expenses" and select "Inventory"
Click "Continue"
Select "Yes, I have inventory to report"
Select "Yes" to using the Cost Method to value inventory (recommended), or "No" if you use a different methed
Enter the value (at cost) of your inventory at the end of the year; click "Continue"
Enter the Cost of Purchases and any other expenses or inventory withdrawn for personal use

The above steps will include the cost of the items in COGS on your return.

If you do not have inventory:

When you get to the screen that asks "What kind of expenses did you have for <your business>?", choose "Supplies"
Click "Continue"

NOTE: Only use one of the above methods for reporting COGS.

Hi TurboTaxAmy T - when you mention "if you have inventor...

igemverse — Sat, 01 Jun 2019 05:08:10 GMT

Hi TurboTaxAmy T - when you mention "if you have inventory" do you mean if we have inventory left over at the end of the year then enter COGS in the Inventory section or if we DO NOT have any inventory left over at the end of the year then enter our COGS in the supplies section?

topic How do I add Cost of Goods Sold for Business in Business & farm

How do I add Cost of Goods Sold for Business

The following steps will take you to the Expenses section...

Hi TurboTaxAmy T - when you mention "if you have inventor...