In a previous post you inquired about section 481(a), so this response will address 481(a) and you can follow-up with additional questions if necessary. Internal Revenue Code section 481(a) is referenced in Part IV of Form 3115. While you may have already done this, in TurboTax to access Form 3115 you need to go into Forms mode and then select Open Form (upper left of screen) enter Form 3115 in the search bar and then click Open Form.
Essentially, a section 481(a) adjustment attempts to reconcile a previous tax year's reporting (effected under one method of accounting) with the current year's tax reporting (effected under the new method of accounting, i.e. MtM). To better understand your tax situation, did you have any open security positions at the end of 2021? If yes, did you carryover these open positions into 2022? It would help us to know what, if any, open positions you had at the end of 2021 that rolled over into 2022 for which you need to mark-to-market.
@mdeodhar
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
