turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Reginawestfall9
Returning Member

I put my self employment income on my return. I received cash. At the end before I submit, it's asking me for explain my explanation of inventory change. What is that?

I only input my self employment income, expenses, supplies, advertisement, and misc. Why is it asking me to fill out an explanation of inventory change at the end, before submitting my return?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

4 Replies
KrisD15
Employee Tax Expert

I put my self employment income on my return. I received cash. At the end before I submit, it's asking me for explain my explanation of inventory change. What is that?

Please go back to the Business tab

Scroll down to "Inventory/Cost of Goods Sold"

If you do not have inventory, the "Do you have inventory to report?" screen should show "NO"

Go through that section to verify that "supplies" were not entered that way. 

Continue to see if there is a beginning and ending inventory value and adjust if necessary. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Reginawestfall9
Returning Member

I put my self employment income on my return. I received cash. At the end before I submit, it's asking me for explain my explanation of inventory change. What is that?

Hi there and thanks for your reply. Unfortunately, I didn't get the alert you replied and already submitted my return and it was accepted. On my sch c, although I accidentally said yes to inventory. There are no numbers on any line in section 4 from line 33-42. Do you think I have anything to worry about? On my explanation I just said I was paid in cash by customers for 2024. 

Reginawestfall9
Returning Member

I put my self employment income on my return. I received cash. At the end before I submit, it's asking me for explain my explanation of inventory change. What is that?

Sorry I meant there are no values in section 4 of my sch c. Starting from line 35-42. On line 33 I accidentally chose b. And 34 I chose cash. Oh I hope I have nothing to worry about.

PatriciaV
Employee Tax Expert

I put my self employment income on my return. I received cash. At the end before I submit, it's asking me for explain my explanation of inventory change. What is that?

Since you have already filed your return, you'll need to wait to see if you hear from the IRS. If so, you can explain the error. Otherwise, be sure you fix this next year.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question