Last year I mistakenly totaled the value of my stores merch under inventory for my hobby business. How can I delete/fix this? Its now deducting from my taxable income

Forum|Forum|11 months ago
April 15, 2025
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I misunderstood and totaled the value of all the items in my store and put that down under inventory. Now that total is being deducted from my taxable income so I am in the negatives. I can't figure out how to amend that from the previous years taxes. Please Help

ThomasM125

When you go into the Inventory/Cost of Goods Sold section of TurboTax, you will see an opportunity to enter your beginning inventory on the screen that says Let's get the value of your inventory:

Also, if you overstated the value of your ending inventory on the previous year's tax return, that would have artificially decreased your cost of good sold for that year, so you may have overstated your income. If so, you can amend your previous year tax return to account for that.

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