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New Member
posted Feb 9, 2025 12:33:54 PM

I am using Turbotax Premium. I don't see where to add my COGs. The AI bot says I can add it to 'Supplies' but I only see 'office expenses' not supplies. Where is it?

In office expenses there is an 'Office Supplies' but from my accounting classes there is a difference between Office Supplies and Supplies. I only see sections for advertising, meals, legal and professional fees, meals, office expenses, Communications, business travel, startup costs, assets, building or land rental and business insurance.

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Expert Alumni
Feb 9, 2025 12:45:34 PM

Cost of Goods Sold (which is inventory at the beginning of the year + purchases during the year - inventory at the end of the year) is reported on your Schedule C as an expense.  For instructions, refer to the TurboTax Help article Do I need to report inventory?

 

Review the TurboTax article Reporting Self-Employment Business Income and Deductions for additional information.