Question

Confusion with Schedule C and shipping charges

Forum|Forum|2 years ago
March 3, 2024
1 reply
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This is crazy but here goes. I have very few sales that amount to less than $4000. I drop ship and pay shipping charges to my supplier - I do not charge my customers shipping.

I have entered all my figures and the shipping cost of $512 under Business Expenses Not Yet Reported but when all is said and done, TT says I have exactly $512 more in net income. Should I be adding that $512 to the cost of goods sold?

Am totally confused -

SusanY1

If you entered it from a form such as 1099-NEC or 1099-K you may still need to "link" the income with the Schedule C for the income to populate on that form. You can do this by returning to the section where you entered the income (which is under Wages & Income, then Other Common Income). Select Edit beside the type of income entered and then walk back through the section for the option to link to your Schedule C or create a new one.

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G

gtmylanAuthor

No - it was not 1099-NEC or 1099-K - I simply entered the income on Schedule C where it asked for this figure. Any other suggestions would be greatly appreciated!

G

gtmylanAuthor

There have been recent developments that required additional updates to a related form. The revised Form 3800, General Business Credit, is estimated to be released on March 6, 2024. Because updates are released after business hours Pacific time, we recommend you wait to update your software the next day, then run Review again.

@gtmylan

I have never filed a 3800 in past years and I did check it out but don't think I need to file that form for such a small amount of a deduction. Will check it again tomorrow after it is updated.