topic new problem importing from Morgan Stanley in Get your taxes done using TurboTax

new problem importing from Morgan Stanley

tapaculo — Tue, 01 Feb 2022 22:27:11 GMT

I have been importing tax forms (1099-B etc.) and records from Morgan Stanley (MS) for many years. For 2021 taxes I am able to connect from TurboTax Premier to the MSWeb site, and the import process seems to complete... but there is no data. I have looked on the MS Website and the forms are available. I have tried this import from several of the income topics: Investment Income (1099-B etc.), 1099-DIV, 1099-INC, etc.

At some point I am shown a screen I haven't seen in the past, below.

When I enter "Morgan Stanley" and the account number, it accepts that, as shown:

But when I click Continue, it goes back to the previous screen, with the fields blank , and I can't proceed.

Theoretically I could enter all the information manually, but that would be horrendous, scores of lines on individual sales for Form 8949, etc. TurboTax doesn't seem to allow us to communicate with technical support staff, or am I missing something? Any advice would be greatly appreciated.

Re: new problem importing from Morgan Stanley

fanfare — Tue, 01 Feb 2022 22:51:33 GMT

So early in tax season, the Import may not be 100% available everywhere yet.

---

As an active investor, be aware that your category Box A or Box D sales without adjustments do not require Form 8949, so there is no reason to import or key in those transactions.
Instead use the "enter a summary" option to put your numbers on Schedule D Line 1a or Line 8a.
--
If you have wash sales, it gets more complicated since those adjusted transactions have to be itemized on Form 8949 and the summary totals adjusted accordingly.

Enter the wash sales on Form 8949, then use the subtotal results on the bottom of that form (Line 2) to know how much to subtract which gives you the Schedule D line 1a totals. Be sure to NOT check the adjustments box in the summary window.

Re: new problem importing from Morgan Stanley

Mike9241 — Wed, 02 Feb 2022 01:43:26 GMT

contact MS. i also have had troubles at various times in the past importing from brokers. most have a department that can help with your issue if it's not a Turbotax app issue.

Re: new problem importing from Morgan Stanley

Van1 — Sun, 19 Feb 2023 21:02:36 GMT

It is now Feburary 19, 2023. I have the same issue.

My Turbo Tax Case number is: [phone number removed]
Morgan Stanley Wealth Management says, my credentials are good and that my account is enabled for third party import (via Turbo Tax). I have tried bogus credential and verified credentials. Either set of credential yields that same respose from Turbo Tax:

For the basic user, having to fill in actual tax forms via Turbo Tax is not acceptable when you have a complex financial relationship with a broker. Cost Basis, cover ed vs non-covered cost sis, taxed and tax exempt interest, exchanges. Since the basic person is not a tax consultant we are not qualified to do this. That is why we use Turbo Tax. Right now, I cannot trust Turbo Tax or my self to file my return without the import process. I have been using Turbo Tax since 1995. I have imported documents from Morgan Stanley for each of the past years.

What is Turbo Tax offering users that cannot import? A resolution... Not so far. A refund at least if not?

Re: new problem importing from Morgan Stanley

maxie1231 — Sun, 19 Feb 2023 22:05:43 GMT

see my post here from yesterday--- you are not the only one and I hope TT solves it rapidly:

maxie1231
Level 1
posted
yesterday
last updated ‎February 18, 2023 4:14 PM
Morgan Stanley

Cannot import from Morgan Stanley wealth management-have been able to so for the past several years but not today ( Feb 18,2023). The info is on the MS site so I can enter manually but I get a popup saying TT can't import. Why? Morgan Stanley says it's a TT issue as the person I spoke with said that others have also called about the same problem.
When will it be fixed or is there a work around

Re: new problem importing from Morgan Stanley

maxie1231 — Sun, 19 Feb 2023 22:07:55 GMT

also how did you " my account is enabled for third party import (via Turbo Tax)" ---- I don't recall ever having to do this in the past.

Re: new problem importing from Morgan Stanley

Van1 — Mon, 20 Feb 2023 02:31:01 GMT

RE: Morgan Stanley Account (mssb.com) Enable Third Party Access

This is a setting under your Profile->Security settings after you log into our Morgan Stanley account.

Re: new problem importing from Morgan Stanley

JTP17 — Mon, 20 Feb 2023 14:50:41 GMT

I am also a turbo tax user and have imported from MSW in the past with no issues, but this year experienced the same Unsuccessful Import message. I contacted MSW and they reviewed my account and said all the data is there and set up for third party import. MSW believes it's a turbo tax software issue. As you have mentioned we are not tax experts, and I also don't feel comfortable entering the pages of information I received from MSW via mail. I hope turbo tax comes up with a fix or I will have to ask for a refund for their software and hire a tax accountant.

Re: new problem importing from Morgan Stanley

tapaculo — Mon, 20 Feb 2023 16:27:00 GMT

Note that this topic started with a problem I had last year. As I recall, there must have been something in error on the Morgan Stanley data export, as the problem went away shortly afterwards, after presumably they made some changes. I have not yet tried to import their data this year.

Re: new problem importing from Morgan Stanley

maxie1231 — Mon, 20 Feb 2023 16:46:30 GMT

Thanks ---- I didn't do this for past years--but will try and see if it makes any difference

Re: new problem importing from Morgan Stanley

anthonycg — Sat, 04 Mar 2023 17:55:12 GMT

March 4th, I have the same problem when trying to do my taxes. Third party access is enabled!! I also tried on one of my children's accounts and same problem. Fix this Intuit!!!!!

Re: new problem importing from Morgan Stanley

jm831 — Sat, 04 Mar 2023 19:50:28 GMT

Check your firewall.

Re: new problem importing from Morgan Stanley

anthonycg — Sat, 04 Mar 2023 20:27:03 GMT

Thanks but it didn t work. I still get the same message shown in the string above that there is mo tax info available for download.

Re: new problem importing from Morgan Stanley

maxie1231 — Sun, 05 Mar 2023 00:45:39 GMT

I hope it gets solved for you. As I posted on Feb 18, I had the same problem, and not changing anything,on Feb 21, I was able to download. I didn't change anything. So, perhaps, just try again

Re: new problem importing from Morgan Stanley

anthonycg — Sun, 05 Mar 2023 11:56:52 GMT

Thanks I just tried again, a day later, and it worked. Odd.

Re: new problem importing from Morgan Stanley

maxie1231 — Sun, 05 Mar 2023 18:31:44 GMT

agree it is odd, and never happened to me in prior years. Just like this site is getting strange- sometimes it won't sign me in saying my password is wrong, but I use a password manager so there are no input errors --I then try again, and no problems. I'm getting concerned about this site/program

Re: new problem importing from Morgan Stanley

Bill175 — Mon, 06 Mar 2023 05:37:00 GMT

Yep, it worked for me this morning (6 March) after failing for the past few days. Not only that, but when I started my Turbotax, the page for downloading from Morgan Stanley was already open.

Re: new problem importing from Morgan Stanley

anthonycg — Mon, 06 Mar 2023 14:08:17 GMT

Today when I tried to import from Chase Bank, although it indicated a connect and showed my linked accounts Turbotax would crash. I tried three times. Then had problems with Charles Schwab, after identifying the accounts turbo says they are locked but I can access directly and did check to see I have authorized third party access. I ve used turbo for years with no problems, I think I will switch

Re: new problem importing from Morgan Stanley

kite_rider — Thu, 23 Mar 2023 02:54:10 GMT

Getting the error message that either my Tax ID / SSN or account name and password are invalid. I have a feeling that they are OK since when I first tried (and failed) I was able to see a message at Morgan Stanley that my 3rd party data wasn't enabled and it could see that I was trying to access it. However, after I enabled it at Morgan Stanley, it's still not working with the same error. I'm hoping it just works tomorrow..

Re: new problem importing from Morgan Stanley

JamesG1 — Thu, 23 Mar 2023 12:34:31 GMT

If the import from Morgan Stanley does not work, there may be two options available to you.

Does the provider generate a .csv file of your 1099-B information? It may be possible to upload a .csv file by following these steps:

Go to Federal / Wages & Income / Your income / Investments and Savings.
Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
Click Add investments.
At the screen Relax. We got it, click Continue.
At the screen Let’s import your tax info, click Enter a different way.
At the screen OK, let’s start with one investment type, select Cryptocurrency. Click Continue.
At the screen Select your crypto experience, select Upload. Click Continue.
At the screen What’s the name of the crypto service, select Other, the name of there service and Gain/Loss or 1099-B.
Click Continue.
At the screen Go ahead and upload your crypto CSV file, upload the file.

The second option is that you may elect to report summary information.

Your brokerage statements should include a summary of your transactions, grouped by sales category, for example, Box A short-term covered or Box D long-term covered.

You will enter the summary info instead of each individual transaction. Follow these steps.

Open or continue your return.
Select Federal down the left side of the screen.
Select Wages & Income down the left side of the screen.
Select Show more to the right of Investments and Savings.
Select Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
Answer Yes to Did you sell stocks, mutual funds, bonds, or other investments in 2021?
- If you land on Your investments and savings, select Add investments.
At the screen Relax. We got it, select Continue.
On the Let's import your tax info screen, select Enter a different way.
On the OK, let's start with one investment type screen, select Stocks, Bonds, Mutual Funds, then Continue.
At the screen Which bank or brokerage, enter the information.
Do these sales include any employee stock, enter No.
Do you have more than three sales, enter Yes.
Do these sales include any other types of investments, enter No.
Did you buy every investment listed, enter Yes. Continue.
On the screen Now, choose how to enter your sales, select Sales section totals. Select Continue.
At the screen Look for your sales on your 1099-B, select Continue.
You will now be able to enter the total proceeds (sales) and cost basis, along with the sales category. Refer to your IRS form 1099-B, IRS form 8949 and / or Schedule D Capital Gains and Losses for the amounts and category. When finished, select Continue
You can add additional sales totals by selecting the Add another sales total on the Review your sales section totals screen.
When completed, close the record and click Continue.
At the screen Now, we'll help you upload your 1099-B since the IRS requires a copy, browse and select your document. Select Continue.
When you upload your document, your filing instructions will not show that anything needs to be mailed in, and no IRS form 8453 will be generated.

@kite_rider