稅務智能型策略

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J.P.Morgan Private Bank.

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INVESTMENT AND INSURANCE PRODUCTS ARE:

NOT FDIC INSURED
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, J.P. MORGAN CHASE BANK, N.A. OR ANY OF IT'S AFFILIATES
SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED

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It's not what you earn, but what you keep after taxes that matters. Personalized tax management is more important than ever and can make a significant impact on how much of your returns you actually keep, helping you protect and grow your investments for the future. One way to keep more of what you earn is a strategy called tax loss harvesting.

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Graphic images show marbles (representing tax losses) contained in circular shallow pits.

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In a nutshell, this strategy consists of: 1: Selling you're losing stocks. 2: Using those losses to offset capital gains in other parts of your portfolio. While, 3: Simultaneously reinvesting the proceeds in a similar stock to keep your portfolio in line with your objectives. This strategy could ultimately reduce your overall tax liability while maintaining your desired exposure in your portfolio and the potential for upside.

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How It Works…

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Here's a hypothetical example of how tax loss harvesting works. Let's say in March of 2020, you had $100,000 invested in stock A. Over the course of the month, the price fell by 40%. The new value of your position in stock A in April 2020 is now $60,000. To realize this loss for tax purposes, you could sell the losing investment in stock A at $60,000 and recognize a short-term tax loss of $40,000 generating potential tax savings of up to $16,320. At the same time, you want to continue to keep your portfolio in line with your objectives. So you reinvest the proceeds from your sale into an investment with similar characteristics, i.e. stock B. To retain your original exposures, you can now hold $60,000 of stock B, have locked in $16,320 of potential tax savings on your tax bill for the year, and can still benefit from this market sector's potential recovery from its lows.

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When used efficiently throughout the year and throughout market cycles, tax loss harvesting can potentially help you achieve greater after-tax returns so you can keep more of what you earn. To learn more about how tax loss harvesting and our new tax smart solutions can help brighten your after-tax outlook, connect with your J.P. Morgan team.

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Graphic images illustrate possible after-tax returns ranging between plus 10% to plus 17%.

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To learn more about Tax Loss Harvesting, connect with your J.P. Morgan Team.

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Key risks

This material is for information purposes only, and may inform you of certain products and services offered by private banking businesses, part of JPMorgan Chase & Co. (“JPM”). Products and services described, as well as associated fees, charges and interest rates, are subject to change in accordance with the applicable account agreements and may differ among geographic locations. Not all products and services are offered at all locations. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance. Please read all Important Information.

GENERAL RISKS & CONSIDERATIONS

Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results.

Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g. equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan team.

NON-RELIANCE

Certain information contained in this material is believed to be reliable; however, JPM does not represent or warrant its accuracy, reliability or completeness, or accept any liability for any loss or damage (whether direct or indirect) arising out of the use of all or any part of this material. No representation or warranty should be made with regard to any computations, graphs, tables, diagrams or commentary in this material, which are provided for illustration/ reference purposes only. The views, opinions, estimates and strategies expressed in this material constitute our judgment based on current market conditions and are subject to change without notice. JPM assumes no duty to update any information in this material in the event that such information changes. Views, opinions, estimates and strategies expressed herein may differ from those expressed by other areas of JPM, views expressed for other purposes or in other contexts, and this material should not be regarded as a research report. Any projected results and risks are based solely on hypothetical examples cited, and actual results and risks will vary depending on specific circumstances. Forward-looking statements should not be considered as guarantees or predictions of future events.

Nothing in this document shall be construed as giving rise to any duty of care owed to, or advisory relationship with, you or any third party. Nothing in this document shall be regarded as an offer, solicitation, recommendation or advice (whether financial, accounting, legal, tax or other) given by J.P. Morgan and/or its officers or employees, irrespective of whether or not such communication was given at your request. J.P. Morgan and its affiliates and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transactions.

Your investments and potential conflicts of interest

Conflicts of interest will arise whenever JPMorgan Chase Bank, N.A. or any of its affiliates (together, “J.P. Morgan”) have an actual or perceived economic or other incentive in its management of our clients’ portfolios to act in a way that benefits J.P. Morgan. Conflicts will result, for example (to the extent the following activities are permitted in your account): (1) when J.P. Morgan invests in an investment product, such as a mutual fund, structured product, separately managed account or hedge fund issued or managed by JPMorgan Chase Bank, N.A. or an affiliate, such as J.P. Morgan Investment Management Inc.; (2) when a J.P. Morgan entity obtains services, including trade execution and trade clearing, from an affiliate; (3) when J.P. Morgan receives payment as a result of purchasing an investment product for a client’s account; or (4) when J.P. Morgan receives payment for providing services (including shareholder servicing, recordkeeping or custody) with respect to investment products purchased for a client’s portfolio. Other conflicts will result because of relationships that J.P. Morgan has with other clients or when J.P. Morgan acts for its own account.

Investment strategies are selected from both J.P. Morgan and third-party asset managers and are subject to a review process by our manager research teams. From this pool of strategies, our portfolio construction teams select those strategies we believe fit our asset allocation goals and forward-looking views in order to meet the portfolio's investment objective. As a general matter, we prefer J.P. Morgan managed strategies. We expect the proportion of J.P. Morgan managed strategies will be high (in fact, up to 100 percent) in strategies such as, for example, cash and high-quality fixed income, subject to applicable law and any account-specific considerations.

While our internally managed strategies generally align well with our forward looking views, and we are familiar with the investment processes as well as the risk and compliance philosophy of the firm, it is important to note that J.P. Morgan receives more overall fees when internally managed strategies are included.

We offer the option of choosing to exclude J.P. Morgan managed strategies (other than cash and liquidity products) in certain portfolios.

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