where do I enter the cost of goods sold?

thurifer

where do I enter the cost of goods sold? It is nowhere on the income tab.

kiarab

Hello,

Cost of Goods is usually reported on a Schedule C. You can find it by going to Income → Business Income (Schedule C). There you can enter information about your business/self-employment, such as income, business expenses, and costs of goods sold (inventory). The software is pretty good about guiding you through the process.

DannoTheManno

Hold on...on the business setup questionnaire titled "Tell us about your business" where you select a business code, there is a check box below asking "Does your business have inventory or cost of goods sold?". Make sure you check ✅ YES. Then select the accounting method.

Then Inventory and Cost of Goods Sold will appear on the Your Business screen where you edit.

pljwriter

https://community.freetaxusa.com/discussion/comment/1844#Comment_1844

I'm having the same problem and there isn't a way to access the Part II of Schedule C to enter cost of goods sold and inventory information.

DannoTheManno

I am also not finding where COGS can be entered for schedule C section III. Is this a glitch?

nih

Did anyone find out if this was a glitch or not? I looked everywhere and I can't find Section III of Schedule C anywhere on the wizard. What am I missing here?