TurboTax calculates Cost of Goods Sold through the inventory entry section. To get to inventory in TurboTax Online you can follow these steps: Within your tax return, go to your self-employed income or use the magnifying glass to search for Schedule C and click Jump to schedule c. On the Your 2022 self-employed work summary page click Edit. Scroll down to Inventory and click Start. Answer the remaining questions regarding beginning/ending balances and current-year expenditures.

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Nick69690

Question

Turbo tax is not showing cost of goods sold as a business expense category. Where can I find it in turbo tax?

Forum|Forum|3 years ago
January 27, 2023
1 reply
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TurboTax Self Employed Online

AliciaP1

TurboTax calculates Cost of Goods Sold through the inventory entry section.

To get to inventory in TurboTax Online you can follow these steps:

Within your tax return, go to your self-employed income or use the magnifying glass to search for Schedule C and click Jump to schedule c.
On the Your 2022 self-employed work summary page click Edit.
Scroll down to Inventory and click Start.
Answer the remaining questions regarding beginning/ending balances and current-year expenditures.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

lilies4goldberry

On that page what is the difference between Cost of purchases and Materials and Supplies?

ee-ea

Cost of goods sold (COGS) refers to the direct costs of producing the goods sold by a company. This amount includes the cost of the materials and labor directly used to create the good. It excludes indirect expenses, such as distribution costs and sales force costs.

Supplies are the stuff used up in getting the work done or stuff turned over to the client.