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
Inventory
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"withdrawn for personal use".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:
Beginning
Inventory
+ Purchases
=
Inventory Available For Sale
- Ending Inventory
=
Cost of Goods Sold