I have errors on Form 1099-B Worksheet Morgan Stanley Capital Asset Sales worksheet

[RickP56]

Same here, this is very frustrating.

[RachelW33]

We are aware that some of our customers are having an issue with wash sales incorrectly importing with adjustment code N instead of adjustment code W.  

Please click here to sign up to receive an email notification when this issue has been resolved.

[furledd]

Glad to hear its being worked.

Just a small clarification:

All sales are importing with an N adjustment code for the MS 1099-B after the merger, and if they are wash sales they come in with both N and W adjustment codes.

So it is not just the wash sales with the issue.

[seetech]

Not sure of the dates but when i look at the forms view in TT I see only an N for all of my 54 entries in the Quick Entry Table.

At the bottom in the Sales Result form I see both B and N for the first 30 and just N for the remaining 24.

I believe this is because I edited those 30 based on the Stock Transaction Supplement that had an adjusted cost basis.

Really frustrating, been on hold with ETrade for about half an hour now.

[bigthor]

Same issue.  TT keeps putting in N for a code when i try and make the code blank when codes are not allowed when you have a disallowed wash sale.  Even if i open the underlying form and try and blank it out, TT just sets it to N every time.  I hope they fix it, though I see no way to report the bug.  I gotta say 2023 has been the least stable TT ive ever used.

[vccbe99]

Hi: 

I am unable to locate Column G on the worksheet as suggested by you in your workaround. 

Could you point me to where I can find it? Is there a keyword and something preceding or succeeding this field (column G).

Thanks in advance

[yesileg]

I have the same problem. Will call TT tomorrow.

[postit]

After fixing the issue from Turbo tax side, how to update the previous imported etrade information?

[Red Fox]

Appreciate Intuit tracking the solution to this issue and setting up a communication channel... but has anyone seen the ack from Morgan Stanley/Etrade about this issue and a way to track it on their side as well? I can't find anything on the etrade.com web site indicating there is a problem or what the plans for a solution are. If someone has found same (other than talking to an agent), please post.

[KobraKid]

yep, its NOT just wash sales, I had no wash sales but got the "N" in everyone of mine.

[miklk99]

ETrade response to me:

This issue is being investigated, expected resolution is 2/22/2024.

[potatoes77]

Ugh.  I may become the most unpopular potato on this forum, but I have another caution regarding Etrade downloads: If you have a bank account under Etrade, the interest income may not come in automatically with the download.  At least mine didn't. An example of such  bank account would be under "Morgan Stanley Private Bank" in your complete or portfolio view.

It's easy to be fooled because the ETrade download may add an entry to your 1099-INT lists called "MORGAN STANLEY CAPITAL MGMT".  However, this appears only to be interest on cash in trading accounts.  The interest was a few cents for me.  There was no downloaded entry for "Morgan Stanley Private Bank", showing the true bank interest.

So here's what I would suggest if you have such a bank account:  Take a look at your printed 1099-INT from Morgan Stanley Private Bank.  (This is separate from any "consolidated" 1099s from Morgan Stanley.) 

If you don't have a printed 1099-INT, log on to Etrade, go to Tax Center, then select

Tax Year: 2023   Accounts: (Your Bank Account)

This will allow you to download your 1099-INT in pdf form for your records. 

Next, check if the 1099-INT amount was reported with your 1099-INT income in TurboTax (The top of the correct screen says: "Here's the interest we have so far".  If the 1099-INT amount doesn't show up, then enter it manually.

Later, after you get the fixed MS download by the end of this week, check again to make sure the 1099-INT amount is not duplicated by the new download!!

Finally, I would strongly suggest heeding Red Fox's advice: Check all your forms before submission.  You can even do this with a professional.  It's well worth the effort of getting all the deductions you deserve, and also not having to file a 1040x for missing info later. 

To do a form review, you can print your forms and worksheets, or better yet view them on screen first by switching TT to "Forms View" instead of "Step by Step".  In forms view, you can move your cursor to the left of most form entries and a small magnifying glass icon will (usually) show up.  Click on it, and it will usually take you to the source data for that entry.  Very useful!

Also, before doing all this, I would also suggest saving your return, and then doing a "Save As" to change the name.  Then you have a solid checkpoint you can go back to if anything goes wrong.  Good luck!

[jmariec2_1996]

TT does not allow a 0 as a value either.

[Red Fox]

On the contrary, Spuds, your posts are pretty illuminating and reflect things that I have learned over time as well. I'm sure others find the comments useful.

As to "Etrade Bank" or "MS Private Bank" interest (non-brokerage), I don't recall this has ever come down with the 1099 downloads. Just interest associated with the brokerage accounts themselves. I think I've always had to manually enter the "bank side" interest. Caveat: I've been up for 8 hours doing research on an unrelated email issue and may not be thinking clearly.

In any event, the advice to always check what was imported vs. what you've already put in is wise indeed, in case they end up adding the Bank-Side interest to the import at some point.

[Dmitry1]

Disagree about the interests. TurboTax imported interests of $0.03 for me, though the reporting threshold is $10. Are they supposed to be removed manually in this case?