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Level 3
posted Mar 21, 2018 12:33:17 PM

Cost of goods sold

I need to enter my cost of goods sold. I don't see a place to enter this in TurboTax

0 3 3613
3 Replies
Level 2
Apr 16, 2018 11:32:59 AM

Hi Bogart,

 

To enter your cost of goods, log into your TurboTax account and search "cost of goods sold" in the search function in the top right corner.  This will provide you with a quick link right to that particular section.   You'll need to use our TurboTax Self-Employed product to maximize your personal and business taxes.  

 

Best,

TurboTaxErinS

 

Level 15
Apr 30, 2018 12:08:53 PM

You may need to work through the Business Profile section and check that you selected the option for "My business carries an inventory". If that option is currently reading NO, then the program will not be asking you for cost of goods sold.

Level 15
Jul 10, 2018 4:46:31 PM

Note that if you did *NOT* tell the program your business carries an inventory, then even with a search the COGS section will not be available to you. So you necessary work through the Business Profile section again to ensure you have indicated your business carries inventory.