SPDR GLD Expense related sales NOT showing up on Schwab 1099 (but did appear on TD Ameritrade 1099s)?

[cube1]

During the past year, TD Ameritrade and Schwab merged.  I hold a few shares of the SPDR GLD trust, which sells a little gold (from each shareholder's account) each month to cover their expenses.  The 2023 TD Ameritrade 1099 I received that covers the first five months of the year DOES show those sales (w/o a basis - but I know how to calculate that.)

Note that these sales are not me making the sales, the sales are made by the trust, but being such a trust, they pass that expense on by selling their customers' shares, and reporting those sales to the broker.  There is also a PDF they issue each year that details those sales, so that one can calculate the capital gains and resulting change in basis.

One Schwab rep. tried to tell me that although TD Ameritrade did report those expense-covering sales, Schwab does not - which I have a hard time believing.  I have currently escalated that within Schwab, but am interested in hearing from other Schwab customers if their 1099s do show those sales.

And, if Schwab isn't going to issue a 1099, how in the heck do I get that into Turbo Tax (Premier) -- especially since I wouldn't have a corresponding paper 1099.

Thanks.

JRJ

[cube1]

I confirmed with Schwab that they will not be issuing 1099s that cover these expense related sales.  What would be the best way to enter them into TT Premier?

[JulieS]

Yes, you can enter those sales into TurboTax, even if you don't get a 1099-B showing them. 

Here's how to do that:

1. Sign in to TurboTax. 
2. Select Income & Expenses.
3. Select Pick up where I left off or Start.
4. Select Start or Update to the right of Stocks, Cryptocurrency, Bonds, Mutual Funds, Other. 
5. Answer the first question Yes, or if you already sales here,  select Add more sales.
6. Select Enter a different way.
7. Select the Other tile, then Continue.
8. Enter a description, then select Continue.
9. Enter the details of the sales.
10. Select Continue.

Your sales entered this way will show up on Form 8949 with code C, if they are short-term, or F if they are long-term. These codes mean that no 1099-B was received.
 

[cube1]

Thanks for the tip.  Actually, this AM, before I read your reply, I found that I was able to do it the following way which is pretty close to what you suggested.  Before that, I had been selecting to enter the sales totals, which produced a disconcerting message about needing to fill in another form and mail in additional info after filing online, which is what prompted me to ask about it.  They key was to enter the sales info individually (all 21 of them). rather than just the sales totals.

Investment Income => Stocks, Crypto.... => Add more sales => Stocks, Bonds, Mutual funds ...  (the *first* tile),

Skipped Import, told it I wanted to enter sales INDIVIDUALLY rather than just the totals, then filled in: 

Bank or Brokerage: SPDR GOLD TRUST, Account Number (left blank), Payers EIN (The EIN from the SPDR GOLD Tax info PDF),  Sales Section: "Long-term did not receive 1099-B form", Type: Collectible (cause it is!), Description SPDR GLD 78463V 10 7 (their CUSIP#), and the rest of the sales info.   I then went into the "Cap Asset Sales" sheet under Forms and verified that they all said "No" under "Reported on Form 1099B" (as well as 8949 Box F, Long Term (L) and Adj Code (C - Collectible).

[Flubjub]

Same story of not getting 1099s that covered GLD sales.  I'm looking through Schwab's list of transactions/statements, and I don't see any GLD sales there either.  So what am I supposed to report?

[cube1]

It can be pretty complicated.  What you may need to do is go to the SPDR GLD Tax Reporting page at

https://www.spdrgoldshares.com/media/GLD/file/SPDR-Gold-Trust-Tax-Information-2023.pdf

There are also online calculators available that you can use - but I suggest still downloading the above document to get a feel for what is going on.

The sales amount each month will be based on your holdings.  The basis calculation stretches back to when you first bought your shares, as these sales have happened monthly ever since, and each one affects your basis.  After that, then your capital gain or loss from that sales (to cover GLD's expenses) are simply calculated by sales amount less the basis amount.

I have a spreadsheet I set up the first year I had GLD, because even TD didn't track the basis.   If you haven't tracked your basis, then you might want to use one of the online calculators - I cannot vouch for them but at least one I tried matched my spreadsheet.  One such website can be found at https://costbasistools.com/gold/gld.php .  I also saw at least one downloadable spreadsheet to calculate it when I searched today, but have not looked at it or downloaded it.

JRJ

[Flubjub]

Yeah, this is the calculation I've done every year when doing my taxes.  However, what's different this year is I don't even see the sales on the Schwab side.  On TD Ameritrade they were doing it every month, then I don't see any after the switchover happened.  Maybe this is a better question for Schwab.  I just thought I'd post here in case others are in the same boat.  I could calculate how much they should have been, but I would imagine there must be some transaction record if it actually happened.

[cube1]

No, there actually is no such "transaction record".   If one reads the SPDR GLD tax document for 2023 thoroughly, one discovers quite early in the document that they are not required to (and do not) report such sales to the broker.  Hence, there is no such transaction for Schwab to report.  TD Ameritrade was providing a nice service to calculate those sales at the end of the year (not really hard to do as  they are simply based on the holdings as of a particular date, unlike the basis.).  TD was doing that at the end of the year, once the SPDR GLD tax report came out - they did NOT show up in the statements, ONLY on the 1099.  Schwab is simply not doing that.   I already asked Schwab about it, and my response here is based on the answer from the supervisor to whom I escalated the issue after I had gotten conflicting responses.  He did indicate they are considering providing that on their 1099's for the next tax year.  Earlier in this thread I outlined how to handle this in Turbo Tax, which I did, and seemed to work fine.

[Flubjub]

Ok, good to know.  Thank you!