1099-K and Schedule C COGS Question

15 replies
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Hello,

I have a portion of 1099-K income that is a print on demand type business so I do not have any inventory. The main product expenses are recorded in the supplies category and I do not report any inventory. However, TurboTax makes me fill out this portion of my Schedule C. Would I just select "Cost" for 33 and "No" for 34?

Thank you

TurboTax Self Employed Online

AmyC

Alumni - Intuit

You should not be getting asked that. You should have seen a screen before it where you marked no to inventory. Entering cash and no is fine in your case.

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jevans575Author

Level 2

Thank you. Would you recommend going back and attempting to get it to not ask that question? Or is "Cash" and "No" alright even if I indicated I keep no inventory? Thanks again.

JamesG1

Alumni - Intuit

As I understand your business model, you do not maintain a sales inventory and you should not report Inventory at all.

I would return to the self-employment activity and click Edit to the right of Inventory.

At the screen Do you have inventory to report?, I would report No, I don't have any inventory to report.

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DianeW777

Alumni - Intuit

You would enter your figure under supplies expense. If you prefer you can use Miscellaneous or Other expense category and name it. If necessary you can select 'Add expenses for this work' to find the category you choose. See the image below.

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jevans575Author

Level 2

Hello, I was able to mess around with things to get the COGS to be all zeros and get the supplies to be separate. This would be how I would want it, right? Since I do not hold any inventory (and just report the cost in the Supplies section)?