Please try the following (on a Mac): Select an image in the LR Develop module.  In my case this is a NEF file. Go to the “Presets” panel and create a new preset, for example:   Present name:  Test   Group:  User Presets It doesn’t matter what this preset does, so you can just click on “Check All” followed by “Create”. Check the Presets panel and confirm that “Test” is listed in the “User Presets” group. Ctrl-click on the image and from the contextual menu select Edit in > Edit in Photoshop CC 2018. If Photoshop was not already open it will launch and open your file. Save and close the file. You don’t have to do anything to the file.  In my PS and LR preferences these actions will save the the image as a PSD file stacked with the original in LR. Go back to LR, find and select the newly saved PSD file.  It should be right next to the original NEF image in the filmstrip or grid view of the Library module. Switch to the Develop module. Look for the “Test” preset in the User Preset group. “Test” is missing!  It has disappeared or, at least, is no longer available for use with the PSD file. Now, in the filmstrip at the bottom of the window select the original NEF file. Presto!  The “Test” preset reappears!  Click on the PSD file and it disappears again. Note:  In the “Presets” tab of LR Preferences it make no difference whether or not “Store presets with this catalog” is checked but f it is checked then if you go to the catalog folder - “LR Catalog” in my case - then you will should be able to find “Test.xmp”. LR Catalog > Lightroom Settings > Settings > User Presets > Test.xmp Does anyone know what’s going on and how I can fix it? ... View more