|
If Schedule C (Form 1040) Line 33c checkbox 'OtherClosingInventoryMethodInd' is checked, then "Other Method Used To Value Closing Inventory Statement" [OtherMethodUsedToValueClosingInventoryStatement] must be attached.
|
This rejection occurs when the Valuation method "Other" has been chosen on the Schedule C, most likely because there is no inventory.
To correct this rejection in Desktop Program, from the main menu of the 1040 select;
- Income
- Business Income or Loss - select to edit.
- Answer Schedule C Questions
- Method Used to Value Closing Inventory - Change this to "Cost"
To correct this rejection in ProWeb Program, from the main menu of the 1040 select;
- Income
- Schedule C - edit
- Questions About the Operation of Your Business
- Accounting Method - Select "Cash" or "Accrual"
Additional Information: