The end of 2024 Inventory figure is not showing on the Expenses summary page after I enter data. I had $0 inventory at EOY2023 because my biz was new. Software glitch?

Forum|Forum|1 year ago
February 18, 2025
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I have a couple thousand of dollars to report for my EOY2024 inventory.

Best answer by LeticiaF1

As PatriciaV mentioned, if the after entering your beginning and ending inventories, your purchases, the calculation of your Cost of Good Sold is 0, then it'll show 0 on your Schedule C.

Go through your entries to make sure that everything is correct. Go to your Schedule C, go through your inventory entries. Make sure you enter your beginning and ending inventories, the cost of your purchases. Once you enter everything, a page with your Cost of Good Sold will come up so you can review your numbers. See the images below for your reference:

Once you get to your Schedule C, the only entry that will show is the Cost of goods sold. The calculations show in the second page.

@H-C-G

PatriciaV

Employee

The inventory entries are used to calculate Cost of Goods Sold. This is a separate section of Schedule C that is not included in Business Expenses. The total is found on Schedule C Line 4 and the underlying calculations in Part III of that schedule.

Depending on the version of TurboTax that you are using, you may need to work through the Self-Employment interview to find the questions about inventory. Or you may see this topic on your self-employment business summary page.

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H-C-GAuthor

I'm using the online version. It's just strange that after entering the data, the Expense overview summary screen still shows $0 as if I had not entered anything.

LeticiaF1Answer

As PatriciaV mentioned, if the after entering your beginning and ending inventories, your purchases, the calculation of your Cost of Good Sold is 0, then it'll show 0 on your Schedule C.