See https://www.spdrgoldshares.com/media/GLD/file/SPDR-Gold-Trust-Tax-Information-2020.pdf for the calculation and note that GLD is considered a collectible which is taxed at a long-term capital gains tax rate of 28% (if you held the fund for more than one year).
Also note that the reason you have proceeds when you did not sell, is that the fund sells a small percentage of gold to cover fund expenses (and those expenses are currently not deductible since they are considered miscellaneous itemized expenses).
Frankly, given the low figure of proceeds ($1.20), you are probably just better off entering a zero basis, if you are going to enter the transaction at all.
