topic Schedule C- Inventory in Self employed

Schedule C- Inventory

Reginawestfall9 — Thu, 30 Jan 2025 21:41:35 GMT

I accidentally chose yes on my schedule C, section 4 line 34. And I chose B on line 34. However, I didn't input any numbers or values on lines from 35-42. Since I accidentally chose yes it has me fill out an explanation of inventory. I said I received cash for 2024. I want to know will this affect my return in anyway? I'm so scared it will be held up. This was my first year preparing my own taxes.

Re: Schedule C- Inventory

PatriciaV — Fri, 31 Jan 2025 00:39:43 GMT

If you have not yet filed your tax return, you can return to the self-employment section and change your answer for Cost of Goods Sold (Inventory).

Note that if your business does not hold inventory, you do need to correct this before filing your return.

In TurboTax for Desktop, use the Forms icon in the header and open Schedule C for your business. You can change any field that is highlighted in yellow. Return to Step-by-Step when you're finished.

In TurboTax Online, go to Tools >> Tax Tools >> Topic Search, enter "Schedule C", click on the topic and click Go. Work through the pages of the interview until you find the questions about your inventory.

If you are uncertain about any portion of your return, consider adding TurboTax Live, which provides a tax expert to answer questions and help you complete your return accurately.

Re: Schedule C- Inventory

Reginawestfall9 — Fri, 31 Jan 2025 00:53:53 GMT

Hello and thanks for your reply. Unfortunately I did already submit my return and it was accepted. That's why I am asking is this going to affect my return/hold it up? Again no values were entered but I did check yes for inventory on line 34. And chose b for line 35. Lines 36-42 are blank.

Re: Schedule C- Inventory

Reginawestfall9 — Fri, 31 Jan 2025 00:56:21 GMT

My apologies I meant lines 35-42 are blank. Line 33 i chose yes and line 34 I chose B.

Re: Schedule C- Inventory

RobertB4444 — Fri, 31 Jan 2025 20:15:56 GMT

If you didn't have any inventory then you would have left that section blank anyway. It was blank the way that you did it so it's just fine.

@Reginawestfall9

Re: Schedule C- Inventory

Reginawestfall9 — Fri, 31 Jan 2025 21:04:59 GMT

So what you are saying is althea I checked yes for having inventory but didn't enter any values on the lines I should be fine? What about the explanation of inventory it made me fill out? All I said was my customers paid me in cash for 2024. At that time I didn't know what the form was for but it required me to put something on it inorder to submit my return.

Re: Schedule C- Inventory

Reginawestfall9 — Fri, 31 Jan 2025 21:07:55 GMT

You're right I don't have inventory but I accidentally chose yes on Line 33. And chose b. For line 34 which was to select which method I use for inventory I believe.

Re: Schedule C- Inventory

PatriciaV — Sun, 02 Feb 2025 18:58:58 GMT

If your return has already been filed, you would do nothing about the inventory entries. In most cases, the IRS will ignore those errors because you didn't report amounts for the Cost of Goods Sold.

Make note of this for next year so you can correct anything that carries over from 2024.