Hi all,
I'm in a similar situation to @sujiths80. I have owned a robo investing portfolio with Schwab since 2020 which has included iShares Gold Trust (IAU) since that time. In total, the robo portfolio has made 11 purchases of the trust over the years (some in 2020, some in 2021, and some in 2023).
To date, I've always used Schwab's consolidated forms to file my taxes with TT. This year, for the first time, I received a separate "Grantor Trust Tax Reporting Statement" for the trust. Frankly, if the data shown on this statement has to be included on my tax return, I don't understand why I have not received this form in years past. Having said that, if I am understanding the example in the statement correctly, I first need to calculate "my pro rata ownership of gold (in ounces)" using the “Gold Ounces per Share." However, since I don't have a copy of this form for any years except 2023, I don't know how to do this for the purchases the robo portfolio made any other years. Any suggestions?
Thanks!
@DaveF1006 @DianeW777 @GeorgeM777
EDIT: Digging into this subject a little further, I used https://costbasistools.com/gold/iau.php to calculate the "inception to date totals" for each of the 11 purchases of IAU and put them in a spreadsheet. I then summed the "Sales proceeds of ounces sold" and "Cost Basis of Ounces Sold" for the purchases made pre-2023 (long-term) and purchases made in 2023 (short-term). I entered these as proceeds and cost basis, respectively, as summary totals in TT choosing "long term did not receive 1099-B" and "short term did not receive 1099-B," respectively. Assuming that is the correct way to do this, I'm still confused why I didn't receive this statement in years past. Was the gain/loss amount perhaps too insignificant?
Similarly, why doesn't Schwab just include these values on the 1099-B of their consolidated forms?
