Accounting Method

[LarryMars]

My 2021 tax return was filed using the "Other - Completed Contracts" method.  When filing for 2022, only Cash and Accrual methods are available.  How can I choose the Completed Contravts method for 2022?

[ThomasM125]

I don't know what type of business return you are filing, but you will normally will be asked if you are using the cash method of accounting when you set up your business in TurboTax. If you answer no, then you will be asked if you use the accrual method of accounting, and if you answer no again you will be able to indicate that you use a combination method. You need to choose that option, and then you will be able to type in your completed contracts method.  You'll have to update your Business Profile and then look for the Accounting Method and edit that entry to make changes.

[LarryMars]

Thank you Thomas.