Didn't get a 1099-Misc for your self-employed income?
How to report income without a 1099.
- Click on Federal Taxes on the top row of TurboTax Deluxe Online.
- Click Wages & Income
- Under All Income, click Show all income
- Scroll to Self-Employment, click Start
- Click Yes to Did you have any self-employment income or expenses?
- Enter any income from sales or services that weren't reported on Forms 1099-MIsc
Start with beginning inventory. If this is your first year, stating point would be zero. Report your inventory under what is called "Cost of Goods Sold" and account for how much of your purchases during the year was "withdrawn for personal use".
TurboTax will guide you step by step through the process.
TurboTax Calculates Cost of Goods Sold as follows:
= Inventory Available For Sale
- Ending Inventory
= Cost of Goods Sold
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