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February 18, 2025
Question

Where do you record cost of goods sold

  • February 18, 2025
  • 1 reply
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I don't see a specific question in the web filing that asks for Cost of Goods sold. Where would I record the cost of the items that were sold. Accrual Accounting.

    1 reply

    February 18, 2025

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

     

    1. Down the left side of the screen, click Federal.
    2. Down the left side of the screen, click Wages & Income.
    3. Click the down arrow to the right of Self-Employment.
    4. Click to the right of Self-employment income and expenses.
    5. If you have not established a self-employment activity, the activity should be created.
    6. 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.
    7. At the screen Here's your xxx info. select  Add expenses for this work.
    8. In the search box in the center of the screen, enter Inventory.
    9. Check the box to the left of Inventory.  Click Continue.
    10. At the screen Here's your info for this work, click the pencil to the right of Inventory.
    11. At the screen Do you have inventory for your work? select Yes, I have inventory to report.  Click Continue.
    12. Follow the screens to report beginning inventory, ending inventory and cost of goods.
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