new problem importing from Morgan Stanley

Forum|Forum|4 years ago
February 1, 2022
22 replies
246 views

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.

Best answer by fanfare

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.

fanfareAnswer

Level 15

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.

V

Van1

Level 2

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?

M

maxie1231

Level 3

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

Mike9241

Level 15

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.

Mike9241