Question

Why is my cost of goods sold entry screens asking for 2018 info?

Forum|Forum|5 years ago
January 23, 2021
1 reply
0 views

I'm using the TurboTax Self-Employed edition and there is a display issue when entering inventory cost of goods sold info. The years for the columns should show as 2019 and 2020 but instead it shows 2018 and 2019.

TurboTax Self Employed Online

D

DianeW777

It appears this has been resolved (see image below).

Note: Per the Tax Cuts and Jobs Act (TCJA) If you meet the criteria inventory can be written off as an expense.

The TCJA allows small business taxpayers with average annual gross receipts of $25 million or less in the prior three-year period to use the cash method of accounting. The law expands the number of small business taxpayers eligible to use the cash method of accounting and exempts these small businesses from certain accounting rules for inventories, cost capitalization and long-term contracts. As a result, more small business taxpayers can change to cash method accounting starting after Dec. 31, 2017.

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W

willowedAuthor

The issue is definitely NOT fixed. If you go to the next screen (after the one you're showing) you'll get to the page below. This should show 2019 and 2020. This needs to get fixed by TurboTax ASAP.

COGS.png