topic At first I said NO INVENTORY Now I need to say YES to allow me to enter some expenses as Costs of Goods. in Business & farm

At first I said NO INVENTORY Now I need to say YES to allow me to enter some expenses as Costs of Goods.

bfroehner-tcasys — Tue, 13 Oct 2020 19:43:29 GMT

I am unable to find anywhere that I can go into my return and enable INVENTORY!

Re: At first I said NO INVENTORY Now I need to say YES to allow me to enter some expenses as Costs of Goods.

Carl — Wed, 14 Oct 2020 00:03:27 GMT

You have to start over in the business section. Select the business tab, then Business Income/Expenses (SCH C). Elect to edit/update your business and work through the business profile again. IN the business profile you must select "YES" where it asks if your business carries inventory. That's the only way you'll see the COGS section later.

Re: At first I said NO INVENTORY Now I need to say YES to allow me to enter some expenses as Costs of Goods.

bfroehner-tcasys — Fri, 16 Oct 2020 12:16:13 GMT

Thanks, that was what I figured. I will be smarter next year.