Where do I enter the "Cost of Goods sold?"

Forum|Forum|1 year ago
February 7, 2025
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ThomasM125

You need to review your business entries in TurboTax and on the page that says Your (name of business) Business, you will choose a section called Inventory/Cost of Goods Sold. Once in that section, you will need to enter your purchases and ending inventory and TurboTax will calculate your cost of goods sold.

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dbarskeyAuthor

Thanks for your reply but I am using the on-line version of Turbo-tax and I could not find anything labelled "your business" in the "Self-employed" section or anywhere else. There is a section called "business name" but that only lets you enter the name of the business.

JamesG1

In TurboTax Online, enter Cost of Goods Sold by following these steps:

Down the left side of the screen, click on Tax Home.
Click on the down arrow to the right of Review.
Click on the blue band labeled Review.
Down the left side of the screen, click Federal.
Down the left side of the screen, click Wages & Income.
Click the down arrow to the right of Self-Employment.
Click to the right of Self-employment income and expenses.
If you have not established a self-employment activity, the activity should be created.
After the self-employment activity has been established, click the pencil to the right of the activity at the screen Your 2024 self-employed work summary.

At the screen Here's your xxx info. select Add expenses for this work.
In the search box in the center of the screen, enter Inventory.
Check the box to the left of Inventory. Click Continue.
At the screen Here's your info for this work, click the pencil to the right of Inventory.
At the screen Do you have inventory for your work? select Yes, I have inventory to report. Click Continue.
Follow the screens to report beginning inventory, ending inventory and cost of goods.