topic I think I goofed on my 2019 Business Inventory. Should I file an amended 2019 return? in Business & farm https://ttlc.intuit.com/community/business-taxes/discussion/i-think-i-goofed-on-my-2019-business-inventory-should-i-file-an-amended-2019-return/01/2216315#M73265 <P>In 2019 I reported no income on my wife's jewelry business because I didn't think she had any as we had just moved into our new home and had way too much else to do with our time (like raise a toddler and she went back to teaching). We still had her inventory from the previous year, which was about $3600, but no income. I'm not sure how it happened, but I did not provide a value for the end of year inventory for 2019, so line 41 of Schedule C is blank.&nbsp;</P><P>I discovered this issue while working out my taxes for this year and realizing that there was no inventory amount from 2019 draw from as the beginning inventory for 2020. I also found out my wife actually made around $400 from online sales last year that I missed and apparently failed to report.&nbsp;</P><P>I know that I need to mark the little box at the bottom of the inventory input screen that says my 2019 EoY inventory is different from my 2020 BoY inventory, and I know about what I should put in the explanation.</P><P>&nbsp;</P><P>My question is: Does this warrant an amended 2019 return, or is this such a small amount that the IRS doesn't care? What do you tax professionals recommend?</P> Sun, 18 Apr 2021 23:14:39 GMT jacobhargrave 2021-04-18T23:14:39Z I think I goofed on my 2019 Business Inventory. Should I file an amended 2019 return? https://ttlc.intuit.com/community/business-taxes/discussion/i-think-i-goofed-on-my-2019-business-inventory-should-i-file-an-amended-2019-return/01/2216315#M73265 <P>In 2019 I reported no income on my wife's jewelry business because I didn't think she had any as we had just moved into our new home and had way too much else to do with our time (like raise a toddler and she went back to teaching). We still had her inventory from the previous year, which was about $3600, but no income. I'm not sure how it happened, but I did not provide a value for the end of year inventory for 2019, so line 41 of Schedule C is blank.&nbsp;</P><P>I discovered this issue while working out my taxes for this year and realizing that there was no inventory amount from 2019 draw from as the beginning inventory for 2020. I also found out my wife actually made around $400 from online sales last year that I missed and apparently failed to report.&nbsp;</P><P>I know that I need to mark the little box at the bottom of the inventory input screen that says my 2019 EoY inventory is different from my 2020 BoY inventory, and I know about what I should put in the explanation.</P><P>&nbsp;</P><P>My question is: Does this warrant an amended 2019 return, or is this such a small amount that the IRS doesn't care? What do you tax professionals recommend?</P> Sun, 18 Apr 2021 23:14:39 GMT https://ttlc.intuit.com/community/business-taxes/discussion/i-think-i-goofed-on-my-2019-business-inventory-should-i-file-an-amended-2019-return/01/2216315#M73265 jacobhargrave 2021-04-18T23:14:39Z Re: I think I goofed on my 2019 Business Inventory. Should I file an amended 2019 return? https://ttlc.intuit.com/community/business-taxes/discussion/re-i-think-i-goofed-on-my-2019-business-inventory-should-i-file-an-amended-2019-return/01/2216429#M73271 <P>Yes. It warrants an amendment. $400 is not so little.</P> Mon, 19 Apr 2021 00:08:46 GMT https://ttlc.intuit.com/community/business-taxes/discussion/re-i-think-i-goofed-on-my-2019-business-inventory-should-i-file-an-amended-2019-return/01/2216429#M73271 ColeenD3 2021-04-19T00:08:46Z
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topic I think I goofed on my 2019 Business Inventory. Should I file an amended 2019 return? in Business & farm
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https://ttlc.intuit.com/community/business-taxes/discussion/i-think-i-goofed-on-my-2019-business-inventory-should-i-file-an-amended-2019-return/01/2216315#M73265
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<P>In 2019 I reported no income on my wife's jewelry business because I didn't think she had any as we had just moved into our new home and had way too much else to do with our time (like raise a toddler and she went back to teaching). We still had her inventory from the previous year, which was about $3600, but no income. I'm not sure how it happened, but I did not provide a value for the end of year inventory for 2019, so line 41 of Schedule C is blank.&nbsp;</P><P>I discovered this issue while working out my taxes for this year and realizing that there was no inventory amount from 2019 draw from as the beginning inventory for 2020. I also found out my wife actually made around $400 from online sales last year that I missed and apparently failed to report.&nbsp;</P><P>I know that I need to mark the little box at the bottom of the inventory input screen that says my 2019 EoY inventory is different from my 2020 BoY inventory, and I know about what I should put in the explanation.</P><P>&nbsp;</P><P>My question is: Does this warrant an amended 2019 return, or is this such a small amount that the IRS doesn't care? What do you tax professionals recommend?</P>
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I think I goofed on my 2019 Business Inventory. Should I file an amended 2019 return?
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<P>In 2019 I reported no income on my wife's jewelry business because I didn't think she had any as we had just moved into our new home and had way too much else to do with our time (like raise a toddler and she went back to teaching). We still had her inventory from the previous year, which was about $3600, but no income. I'm not sure how it happened, but I did not provide a value for the end of year inventory for 2019, so line 41 of Schedule C is blank.&nbsp;</P><P>I discovered this issue while working out my taxes for this year and realizing that there was no inventory amount from 2019 draw from as the beginning inventory for 2020. I also found out my wife actually made around $400 from online sales last year that I missed and apparently failed to report.&nbsp;</P><P>I know that I need to mark the little box at the bottom of the inventory input screen that says my 2019 EoY inventory is different from my 2020 BoY inventory, and I know about what I should put in the explanation.</P><P>&nbsp;</P><P>My question is: Does this warrant an amended 2019 return, or is this such a small amount that the IRS doesn't care? What do you tax professionals recommend?</P>
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Re: I think I goofed on my 2019 Business Inventory. Should I file an amended 2019 return?
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<P>Yes. It warrants an amendment. $400 is not so little.</P>
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