Schedule C- Inventory

Forum|Forum|1 year ago
January 30, 2025
1 reply
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I accidentally chose yes on my schedule C, section 4 line 34. And I chose B on line 34. However, I didn't input any numbers or values on lines from 35-42. Since I accidentally chose yes it has me fill out an explanation of inventory. I said I received cash for 2024. I want to know will this affect my return in anyway? I'm so scared it will be held up. This was my first year preparing my own taxes.

PatriciaV

If you have not yet filed your tax return, you can return to the self-employment section and change your answer for Cost of Goods Sold (Inventory).

Note that if your business does not hold inventory, you do need to correct this before filing your return.

In TurboTax for Desktop, use the Forms icon in the header and open Schedule C for your business. You can change any field that is highlighted in yellow. Return to Step-by-Step when you're finished.

In TurboTax Online, go to Tools >> Tax Tools >> Topic Search, enter "Schedule C", click on the topic and click Go. Work through the pages of the interview until you find the questions about your inventory.

If you are uncertain about any portion of your return, consider adding TurboTax Live, which provides a tax expert to answer questions and help you complete your return accurately.

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Reginawestfall9Author

Hello and thanks for your reply. Unfortunately I did already submit my return and it was accepted. That's why I am asking is this going to affect my return/hold it up? Again no values were entered but I did check yes for inventory on line 34. And chose b for line 35. Lines 36-42 are blank.