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It is true that investment expenses per se are not deductible. But the dollars listed under the heading "UNDETERMINED TERM TRANSACTIONS FOR NONCOVERED TAX LOTS" on 1099-B are not "expenses" for tax reporting purposes.  Those dollars derive from SALES OF GOLD TO PAY FUND EXPENSES, not the expenses themselves.  Since they are bona fide sales for each GLD shareholder (on a pro rata basis), they get reported to IRS on 1099-B.  And this unusual reporting is why we have to go through this nightmare, as opposed to other fund types that pay their expenses without separately reporting sales of shares or whatever underlying asset they hold to the IRS.   If I'm understanding correctly, then no one should skip step 2 on the State Street document I reference because in step 2 you calculate your pro rata share of the gold (in ounces) sold to pay expenses.  The amount in sold in ounces will need to be deducted from the amount of ounces originally purchased to provide an accurate basis in ounces of gold that have been sold when GLD shares are finally disposed of.   As for the result of step 5, that number should exactly equal the total reported for the year on Schedule 1099-B under the heading "UNDETERMINED TERM TRANSACTIONS FOR NONCOVERED TAX LOTS" -- and as such it is one of the numbers you must report, along with the result of step 3, the total cost of gold sold.   In essence, for each year a person owns GLD, they must report the result of step 5 (which equals 1099-B) as the sales proceeds and the result of step 3 as the "cost basis" for the sales proceeds.  The difference between sales proceeds and "cost basis" equals the gain or loss for that year for tax reporting purposes.   This, at least, is my best understanding of it.  

For individual funds within the brokerage account they do provide details of different types of dividends and capital gain, such as: Dividends:  nonqualified, qualified, section 199a, another qualified, another section 199a, nonqualified, long term capital gain, etc., etc.  They do not provide an amount for Box 1a - Total Ordinary Dividends.

@ eznoh  wrote: The rejection message says:  IND-181-01 - The Identity Protection PIN (IP PIN) for the first taxpayer on your return is missing.  Did you enter the 6-digit IP PIN in the correct place I mentioned above using the steps I provided earlier today?  Did you find that category OK;  i.e., in "Other Tax Situations>Other Return Info>IP PIN?"?  I can make a screen image if needed.   Did you enter it for the "first taxpayer" on the return?    If so, are you sure it is the correct IP PIN?  You have to get a new IP PIN every calendar year. Did you get and use your new IP PIN for this year?    Some people get their new IP PIN each year in a letter from the IRS usually each January, while others (mainly those who opted in) do not get letters but can retrieve their new IP PIN each year in their online IRS account.   How did you receive your new IP PIN to use for calendar year 2026--in an IRS letter or in your online IRS account?

  You guys keep insisting that I was only charged once, but according to my bank account, the payment was actually withdrawn twice. I have attached a photo showing the two transactions. Please review this carefully and let me know how you will resolve this issue, as I expect a prompt correction and refund.

I even looked at the big beautiful bill and didn't find any language which changed the courts ruling.  How do I do the return in Turbotax, since the limit of $750,000 is applied in every case?  Do I just divide the mortgage by each persons contribution?

@M-MTax wrote: @GlueFactoryBJJ wrote: Man, Linux, for all its faults and foibles, is looking better and better.  At least with that, I'll get another 5-10 years out of my PC. Sigh! Linux may be "looking better and better" for some purposes but you won't be preparing your income tax returns running that OS if that's all you've got; no consumer-level DIY software supports Linux. Zorin OS 18 on my new Dell 16 Plus laptop is working great for me.  Best $899 I ever spent on hardware, and both the SSD and battery are user-replaceable.  My previously upgraded Windows 11 virtual machine with TurboTax was easily migrated into VirtualBox on Linux.  Of course TurboTax noticed the virtual hardware had changed and it prompted me to re-Activate (only once so far, fingers crossed...).   VirtualBox defaults to creating a NAT network interface which effectively hides the VM from my PC and the rest of my home network (and vice versa).  Windows 11 in the VM will have a pretty difficult time trying to profile my home network.  Also I'm running IoT Enterprise LTSC edition in the VM, which doesn't include any of the Windows 11 AI features (and not even Microsoft Store, but you can add it if you want).  Also no need to Activate Windows unless you really need to "Personalize" your spyware (though it's easy enough to do that as well, and I did).  TurboTax seems to work and update fine in these conditions...   Linux accommodations for Windows users have gotten so good that you can just use NTFS partitions as-is, including having .URL Internet Shortcuts open in your default browser, and now .LNK desktop shortcuts opening their original target folders and files(!)  But I went ahead and moved all my data off my NTFS partitions and re-formatted them as Linux native ext4, as I have no intention of ever going back to Windows on bare metal...   Zorin OS also includes a one-click install for Windows App support which installs Wine and Bottles with no fuss.  I'm actually using that feature to run the Windows WinSCP.exe app, which I use to move configuration files to my home router (so far I haven't found a Linux native SCP client for this purpose).  It's as simple as right-clicking the executable and selecting "Install Windows Application".   Anyway I'm not trying to sell Linux to anyone but I strongly encourage every Windows user to give Zorin OS a try.  You can do that in a VM running in VirtualBox on Windows.  Just be aware that VirtualBox runs noticeably slower on Windows due to Microsoft's Hyper-V hypervisor getting in the way (this is not a problem with VirtualBox running on Linux).

Thank you for your reply @CatinaT1.   Thank you for pointing out that TT can provide other metrics that are useful such as Blended Tax Rate.   However, focusing specifically on the Effective Tax Rate as it is presented on the tax return printout rendered by TurboTax, it appears to be incorrect based on how I think we agree it should be calculated.   Here is what you said about that:   “Effective tax rate is something Turbo Tax uses to help you see where you stand; to see which W-2 may be deficient in withholding the correct amount of Federal tax, etc.   It should be the tax divided by the total income, not the AGI. It is a number without any real value other than just to let you know when you earn $1, about x% is taxed.“   I agree that the standard definition of Effective Tax Rate is the (total) tax divided by the total income. But as it appears on the TT printout I referred to in my original post, it does not equal the total tax divided by the total income.   It is labeled on the printout as “Effective Tax Rate” but it appears to be incorrect based how I think we both agree it should be calculated.  In my case the Effective Tax Rate TT shows in this section is about 1.7 percentage points lower than the Effective Tax Rate calculated as shown in the image.   So what I am seeking is how the Effective Tax Rate given in the section in the image is calculated since it does not seem to be calculated according to the standard definition of Effective Tax Rate or the way you and I apparently agree it should be calculated.  Is it a bug or is there some other explanation?  That's what I am trying to find out.   Please see the image of the TT printout below to clarify what I am saying.  

you are correct.  most individual taxpayers can skip steps 2 and 5 because investment expenses aren't deductible as for tracking, apps even spreadsheets, can help with your gain/loss and remaining tax basis and units.