Despite Government Shutdown, Normal Tax Season Ahead for Brokerage Customers

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.

https://tickertapecdn.tdameritrade.com/assets/images/pages/md/Will the government shutdown affect tax returns?
2 min read

Key Takeaways

  • 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.

Business as Normal at TD Ameritrade

“From a TD Ameritrade perspective, we’re planning on sending out all of our forms as in years past by the IRS deadlines,” said Darci Jensen, senior manager, tax solutions for TD Ameritrade. “There’s no change for us,” Jensen said. “It’s business as normal, and we just want to let clients know that tax filing season should be the same as in prior years.”

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). 

IRS Commits to Tax Refunds Despite Shutdown

While one never knows how long a government shutdown might last or what the effects might be if it continues for an extended period, for the moment, all is proceeding as usual at the IRS. Even tax refunds aren’t supposed to be affected, the IRS assured the public in a January 7 press release.

“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.)

Let Us Help

TD Ameritrade has online resources to help answer questions you may have about taxes and your account.

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.

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Key Takeaways

  • 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

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