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April 15, 2025
Question

Turbo tax does not give the option to add cost of good as expenses for online retail business. I listed it as 1099K. it seems to assume it is contract while it is not

  • April 15, 2025
  • 1 reply
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it shows expenses like meals office supply. How about cost of good sold !!! I can not add it

    1 reply

    April 15, 2025

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

     

    • 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.
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