Cost of Goods - cannot find where to enter it in the Self Employed version of Turbo Tax

[TN0956]

I can't find where to enter the Cost of Goods for inventory on this years Turbo Tax.  Would you enter it under Office Supplies?

[Antomeister]

The Cost of Goods is something that is calculated in the T2125 or Statement of Business or Professional Activities. To input your Cost of Goods Sold (Or just cost of inventory) you will need to be there. To start, sign into TurboTax Online and:

> Choose your return for the tax year

> On the left navigation pane, you will click "Income", "Self Employment", then "Business or Professional Activities"

> For you to be able to input Cost of Goods, you must have indicated to TurboTax that your business type is called Business (Goods Sold), which is a type of business that you choose when you entered a new business in this form.

> Once you've confirmed the business is this type, you will hit "edit" beside the business, click "Income and Inventory", and you will click Continue twice.

> Here is the inventory section. The Canada Revenue Agency requires that you do an inventory evaluation in the beginning of your fiscal period and at the end and the difference between the two is expensed and deducted.

Make sure to click Continue so that your information is saved.

For more information, check out: Canada Revenue Agency - Inventory & Cost of Goods Sold

Thank you for choosing TurboTax.

[TN0956]

Thank you!  That worked.

[revans]

This currently not working in omline version for tax year 2023