Morgan Stanley Tax Documents 2021


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If You Owe Money Consider How You’ll Pay

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If instead of a refund, you end up owing the IRS money, youll want to have a plan. If you have the cash and dont want to risk draining your savings or emergency funds, writing a check may be the easiest option.

But if you have a steep tax bill, you may want to look for additional sources of liquidity. One approach is selling individual securities or funds in your portfolio to help raise the cash you need. Be aware of the downsides, including potential taxes on capital gains, loss of future growth potential and asset-allocation imbalances in your portfolio. Your Morgan Stanley Financial Advisor can help you mitigate these downsides and reduce the taxes you may owe, using our Intelligent Withdrawals tool.

Using a credit card, taking out a loan or paying the IRS in installments are among the other optionseach with its own pros and cons. Be sure to think ahead about which payment method may work best for you.

New Problem Importing From Morgan Stanley

I have been importing tax forms and records from Morgan Stanley 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-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.

Welcome To The Tax Center

We provide you with tax documents, statements and important information to help you prepare for tax season. The information below lets you know when you can expect to receive required tax forms for your J.P. Morgan Wealth Management investment accounts and Chase deposit and mortgage accounts, as well as other important information you may need to prepare your tax returns.

Some tax documents are available on the “Tax Documents” page. to access your forms.

A corrected Consolidated Form 1099 may be required under these circumstances:

  • A newly signed Form W-9, changing the SSN or TIN reflected on the original 2021 Consolidated Form 1099, was received.
  • You owned Real Estate Mortgage Investment Conduits , Collateralized Debt Obligations , Widely Held Fixed Income Investment Trusts or Unit Investment Trusts .
  • There was a reclassification of income by an issuer .
  • You owned stock in a corporation that had a change in control or a substantial change in capital structure and the corporation has reasonably determined that you may be required to report a gain from the exchange. In accordance with IRS regulations, this information must be forwarded to you on Form 1099-B.
  • We receive an updated cost basis transfer statement.
  • A reporting error makes it necessary to issue a revised Consolidated Form 1099.

Generally, you can expect to receive corrected 1099s in March or April.

Asset allocation/diversification does not guarantee a profit or protect against a loss.

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The Countdown To Tax Day Has Begun Here Are Some Steps You Can Take As The Deadline Approaches

It should come as no surprise that many Americans take a dim view of paying taxes.1 Still, the saying coined by Ben Franklin more than 200 years agoNothing is certain except death and taxesrings true today: Taxes are inevitable. The sooner you get started, the better prepared youll be both for this tax season and in future years.

As the April 18 federal tax filing and payment deadline approaches, it may be helpful to review Morgan Stanleys 2021 Federal Income Tax Tables, and if you havent already filed, consider these tax season tips:

Consider Getting Help From A Tax Professional

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About a third of American households file their own tax returns.4 These do-it-yourselfers may feel comfortable navigating complex tax forms and have the patience to gather documents and prepare their own returns. They may also have a straightforward tax situation, which can simplify the process.

Others seek professional help. As your financial situation grows more complex, consider working with a qualified professional at tax time. A tax professional can help you:

  • Gather the right tax and financial data from your investment accounts
  • Take advantage of any deductions or credits youre entitled to
  • Prepare your income tax returns
  • Provide advice tailored to your unique financial situation

A tax professional can also provide you with income tax projections, including quarterly estimated payments, reducing the risk of unwanted surprises if your tax situation changes. Further, if you have complex tax planning needs, your Morgan Stanley Financial Advisor can connect you to experienced tax professionals at leading U.S.-based providers across the country to help ensure your tax strategy is optimized.

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Plan For Future Tax Seasons

Its never too late to start incorporating tax-efficient strategies into your longer-term financial plan. Year-round active tax management may help you save more for goals and keep more of what youve earned. For example:

  • Tax-loss harvestingis a strategy where you offset capital gains via a strategic sale of stock or securities to recognize losses, some of which can carry over from a prior year.5
  • Tax-aware asset locationinvolvesallocating higher-yield assets to a tax-deferred or tax-exempt account, which may help decrease your current taxable income and may help increase your after-tax returns.
  • Tax-favorable investment options,such as municipal bonds, are generally exempt from federal taxes. Also consider tax-efficient exchange-traded funds or separately managed accounts.

With Morgan Stanleys Total Tax 365 approach, your Financial Advisor has access to a range of tax-smart techniques to help you manage your tax liability and grow your long-term wealth, 365 days a year. Speak with your Morgan Stanley Financial Advisor about how you can incorporate tax-efficient investment strategies into your financial plan today to help you prepare for tomorrow.

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Dutch Criminal Authorities Ask Morgan Stanley For Documents Related To Tax Probe

A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson

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Aug 2 – Dutch criminal authorities have asked for documents concerning whether a Dutch unit of Morgan Stanley accurately reported its taxes and properly maintained its books and records from 2007 to 2012, the U.S. bank said on Monday.

Morgan Stanley in its quarterly report said the probe followed civil litigation by the Dutch Tax Authority into the bank having taken 124 million euros of credits to reduce its corporate tax liabilities for the 2007 to 2013 tax years.

The tax authority has said Morgan Stanley did not have legal title to securities that would have entitled it to the credits, the bank said.

Morgan Stanley declined to elaborate on the filing.

Think About How Youll Spend A Refund

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If youre among the three-quarters of tax filers who typically receive a refund,6 you may be looking forward to another one in 2022. Instead of spending it all outright, you may want to consider how to use it to support your long-term financial well-being, for example by:

  • Reducing your debt burden: If youre paying high interest charges on a credit card balance or a consumer loan, it can be difficult to save for longer-term financial goals. Consider using your tax refund to help service your balances with the highest interest charges while paying the minimum on lower-rate debt.
  • Preparing for the unexpected: A 2021 Bankrate survey found that only 39% of Americans would be able to cover a $1,000 emergency from their savings.7 Consider using your refund to start, or shore up, an emergency fund, with the aim of having at least three to six months of living expenses set aside for a rainy day.
  • Adding to your nest egg: When it comes to saving for retirement, every little bit helps. Consider putting some or all your tax refund in your IRA , if you havent already reached the IRS contribution limits for those accounts for the year. You may also want to consider having less income tax withheld from your paychecks this year. While you may not receive as big a refund in 2023, as a result, youll be freeing up income to contribute more to your 401 throughout the yearand boosting your nest egg in the process. Your tax preparer can help you determine how much to have withheld.

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Looking To Expand Your Financial Knowledge

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E*TRADE or Morgan Stanley and its affiliates do not provide tax advice, and you always should consult your own tax advisor regarding your personal circumstances before taking any action that may have tax consequences.Consolidation is not right for everyone, so you should carefully consider your options. Before deciding whether to retain assets in a retirement plan account through a former employer, roll them over to a qualified retirement plan account through a new employer , or roll them over to an IRA, an investor should consider all his or her options and the various factors including, but not limited to, the differences in investment options, fees and expenses, services, the exceptions to the early withdrawal penalties, protection from creditors and legal judgments, required minimum distributions, the tax treatment of employer stock , and the availability of plan loans . For additional information, view the FINRA Website.

Get Your Paperwork Organized

Tax time, unfortunately, can involve a mountain of paperwork. Make sure you have all your important documents ready before you begin filing, so you can avoid mistakes and take advantage of every deduction youre entitled to. Documents and information you may need to include:

  • Forms W-2, Forms 1099 and other tax forms showing income earned
  • Records of charitable contributions
  • Records of mortgage interest and property taxes paid
  • Any childcare expenses or medical costs

Work with your tax professional to help you determine the specific documents youll need to complete your taxes.

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