I have turbotax premier on my Mac, I imported Schwab's 1099-B, the only gain I have is the proceed from GLD sales to pay for the annual expenses. I figured out the cost of proceed and entered dates. Turbotax somehow regards this gain as normal stock/etf long-term gain instead of the correct "collectibles" which requires you to do 28% max gain worksheet. I could not find anywhere in the "edit" scheme on my investment that I can tell turbo tax the gains are classified as collectibles. There is no option for this input under edit!!!! Need turbotax expect to tell us how to do it. There are a lot of users that have complaint about this. No solution has been presented for the desktop turbotax. The online turbotax version is different from the desktop version and the solution is not the same. I saw some advice for the online version but the desktop version isn't working for collectibles. Turbotax doesn't even ask if my investment is a collectible. Please advise!!
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When you add the ETF as an investment, you have to select "Other" and then select "Collectible" from the dropdown list.
Why can’t I edit it using the editing button to tell TurboTax it is a collectible? I imported the 1099-B from Schwab and I didn’t have to use “add” or “other” options. My question is why I can’t change it after importing from Schwab?
I would imagine that is a TurboTax limitation.
I was told by TurboTax expert that I have to delete the imported
schwabs 1099-B first, then manually re-enter the 1099-B, then the option for choosing collectible would be available. Now this is the solution!
I believe this is what the expert was referring to (below) but am wondering whether it somehow gets overwritten with an import (frankly, I have no idea).
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