TurboTax is rolling my 2022 inventory to 2023 and charging me taxes on it again. So say I have 2000 for last year and ending with 2500 its charging me the full 2500 for 2023 and not crediting me the taxes I paid on it last year. Not the 500, is there a fix?
Your 2022 ending inventory should be your 2023 beginning inventory. Is that not the case?
You need to manually enter your 2023 ending inventory as well as any purchases made in the 2023 tax year.
Correct my ending 2022 is my starting 2023. That port is correct, lets say I ended 2022 with 2000.00 So I start 2023 with 2000.00 then my ending 2023 is 2500 I am being taxes on the full 2500 and not just the 500 that I should be. I already paid taxes on the 2000 in 2022 and it should roll that credit into 2023. Its not. Every year has.
what did you enter for cost of purchase and any other lines on the same screen?
examples : purchase withdrawn for personal use
labor costs
materials and supplies
other
to have cost of goods sold of =2500
purchases or some other line or lines like purchase must be $3000
example 1
beginning inventory 2000
purchases 3000
total 5000
ending inventory 2500
cost of goods sold 2500
example 2
beginning inventory 2000
purchases 0
total 2000
ending inventory 2500
cost of goods sold 0 invalid since the numbers don't balance.
Can you enter Forms Mode and check Part III of your Schedule C?
The formula is simple: Beginning inventory PLUS purchases LESS ending inventory = COGS.
What are the figures in that section of your Schedule C?
I was only giving it as an example cost of goods and sales are well beyond the levels from bought and sold. No other year has done this. My ending inventory my be 0 not to be charged tax on my inventory. Which I should get the credit of 2000 that i paid last year off what I have to pay this year. Or I would be paying taxes on the same inventory year after year.
Is there an issue with entering Forms Mode and posting figures (even if hypothetical) on the lines in the screenshot below?