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April 7, 2023
Question

What does Turbo Tax call the products we sell? Inventory/products we sell have been categorized as "other business expense" and I need to change it. Thanks!

  • April 7, 2023
  • 1 reply
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CC transactions were pre-categorized and I need to change them.  Items we bough and then sold are all auto-listed as "other business expense" but these are the products we actually sold.  I see HOW to change it, but inventory/products aren't an option.  What are they called then, please?

1 reply

AliciaP1
April 7, 2023

Inventory is an expense category, but you may not be seeing it because it may be showing in the Less Common list of expenses.

 

To find additional expense categories you can follow these steps:

  1. Within your tax return use the magnifying glass icon to search for Schedule C
  2. Click the Jump to link
  3. Click Edit for the line of work
  4. Scroll down to Expenses and click Start or Edit if the category you want is shown
    • If you don't see the category you want listed click Add expenses for this work
    • Scroll to and mark the box for the category of expense you want to add - if you don't see it on the list, scroll down to the Less Common section and click the down arrow and show more until you do
    • Click Continue
  5. Enter your expenses either as totals for each category or you can list out the different items (ie. email, website, etc.)
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