How do I add to my 1120S tax form. "Tax payer elects mark to market treatment pursuant to IRS Section 475".

[JamesG1 · Accepted solution]

There is no specific form.  Please refer to IRS tax topic 429 under The Mark-to-Market Election

"You can make the election by attaching a statement either to your income tax return if filed without an extension or to a request for an extension of time to file your return. The statement should include the following information:

1. That you're making an election under section 475(f);
2. The first tax year for which the election is effective (that is, the tax year for which a timely election is being made); and
3. The trade or business for which you're making the election."

Please also see this TurboTax help.

[asanyal]

I already have 475 Mark to Market from last year.  I would like to include a note to specify that in my 1120S from using Turbo Tax.  Doe Turbo Tax allow me to add a note somewhere in my tax form?

[FaxIRS]

What did you end up doing? 

[asanyal]

I could not find a way to add a note

[Critter-3]

If you made the election timely in the prior year then you do not need to attach anything to the return ... it is not needed and neither the IRS processing computer or data entry person will pay any attention to such an attachment.