Many brokerage customers have questions and concerns about whether a government shutdown might affect their tax filing deadlines. The short answer is no, as TD Ameritrade is ready for tax season as normal.
The government shutdown is not expected to affect tax filings
The IRS plans to continue on a normal schedule
TD Ameritrade has online resources to help with any questions
Government shutdowns seem more frequent these days, but the tax folks don’t turn off the lights even when much of the government does. Many investors have questions about whether a shutdown might affect their filing deadlines, especially around tax season. The short answer is no.
As a brokerage customer, you’ll still have to file taxes on time even when the government is partially shut down, and the Internal Revenue Service (IRS) keeps a skeleton crew on hand even when some parts of the department are out. Luckily, there’s no need for TD Ameritrade customers to worry about receiving IRS forms in time. They’ll be coming on schedule.
Jensen said brokerage clients will have access to the 1099 consolidated form online no later than the February 15 deadline, as well as the Form 1099-R and Q (retirement forms) by January 31. Forms will also be mailed to clients who have not opted in to e-delivery.
She added that, as always, TD Ameritrade tax and client service associates will be on hand throughout tax season to help with any questions (see more below).
“We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period,” said IRS Commissioner Chuck Rettig, quoted in the press release.
The IRS will be recalling a significant portion of its workforce—currently furloughed as part of the government shutdown—to work.
As in past years, the IRS will begin accepting and processing individual tax returns once the filing season begins. For taxpayers who usually file early in the year and have all of the needed documentation, there is no need to wait to file, the IRS said. They should file when they are ready to submit a complete and accurate tax return. The filing deadline to submit 2018 tax returns is Monday, April 15, for most taxpayers. (Because of the Patriots’ Day holiday on April 15 in Maine and Massachusetts and the Emancipation Day holiday on April 16 in the District of Columbia, taxpayers who live in Maine or Massachusetts have until April 17 to file their returns.)
Once you're logged in to tdameritrade.com, go to My Account > Tax Center. Check out the Tax Document Calendar for due dates and other information about the forms TD Ameritrade generates.
You can also Ask Ted, our virtual guide that provides automated client support. You’ll find him under the Support button along the top navigation bar. If he doesn’t know the answer to your tax question and it’s during standard business hours (Monday to Friday, 9 a.m. to 5:30 p.m. ET), use our Chat feature to speak with a Tax Services Representative.
TD Ameritrade does not provide tax advice. We suggest you consult with a tax-planning professional with regard to your personal circumstances.
The key to filing taxes is being prepared. TD Ameritrade provides information and resources to help you navigate tax season.
for thinkMoney ®
Financial Communications Society 2016
for Ticker Tape
Content Marketing Awards 2016
Market volatility, volume, and system availability may delay account access and trade executions.
Past performance of a security or strategy does not guarantee future results or success.
Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses. Options trading subject to TD Ameritrade review and approval. Please read Characteristics and Risks of Standardized Options before investing in options.
Supporting documentation for any claims, comparisons, statistics, or other technical data will be supplied upon request.
The information is not intended to be investment advice or construed as a recommendation or endorsement of any particular investment or investment strategy, and is for illustrative purposes only. Be sure to understand all risks involved with each strategy, including commission costs, before attempting to place any trade. Clients must consider all relevant risk factors, including their own personal financial situations, before trading.
This is not an offer or solicitation in any jurisdiction where we are not authorized to do business or where such offer or solicitation would be contrary to the local laws and regulations of that jurisdiction, including, but not limited to persons residing in Australia, Canada, Hong Kong, Japan, Saudi Arabia, Singapore, UK, and the countries of the European Union.
TD Ameritrade, Inc., member FINRA/SIPC. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. © 2019 TD Ameritrade.