Waiting To File Your 1040 Has Advantages!

cart before horseWhile we know many of you are chomping at the bit to file your taxes, if you have funds held at TD Ameritrade or are invested in Financial Futures Fund (Steben), there are benefits to waiting a while longer.

The Financial Futures Fund usually issues its K-1 by the middle of March. Last year it was March 8th. Also, TD Ameritrade usually issues corrected 1099’s on our mutual funds around the first of April. If you file too early, before receiving a K-1 or an amended 1099, you may find yourself filing an amended return and paying the associated costs. That’s aggravating and unneeded.

There is nothing we can do to hurry the process along with either of these vendors. Therefore, our strong suggestion is to hold off on sending in your 1040 tax return until you receive the Futures Fund (Steben) K-1 and the corrected 1099 from TD Ameritrade.

Also, the IRS doesn’t give any brownie points for being early, so you may want to consider waiting. You’ll save yourself the cost of an amended return.

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2 Responses to Waiting To File Your 1040 Has Advantages!

  1. Tim Heiman February 26, 2014 at 11:25 am #

    Now you tell me, I just filed this week. Why would TD Ameritrade have a corrected 1099? If I am in Stebbens why do they take so long and if so maybe find me account if Stebben is they are that slow!

    • Rick Kahler February 26, 2014 at 3:02 pm #

      Tim, the reason TD Ameritrade always files a correction is that the fund companies invariably either update or make changes to their reporting. TD then corrects their records, thus the corrected 1099s. They have up through May to complete all these corrections. I understand it’s irritating, but there is little we can do to escape this, except not use mutual funds or ETF’s.