Yes, you can file the 4868 after the return for the ability to file the 475. I would maybe change stock options to stock options/ securities for point 3. Securities is different than futures and commodities. That is where the difference to the IRS can lay.
Pub 550 states:
How To Make the Mark-to-Market Election
To make the mark-to-market election for 2021, you must have filed an election statement no later than the due date for your 2020 return (without regard to extensions). The statement must be attached to that return or with a properly filed request for extension of time to file that 2020 return (Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return). The statement must have included the following information.
-
That you are making an election under section 475(f)(1) or (f)(2) of the Internal Revenue Code.
-
The first tax year for which the election is effective.
-
The trade or business for which you are making the election.
Next year, when you file your first securities business return, you must elect an accounting period. On the Form 3115 filed for the year of change, a taxpayer should indicate that the taxpayer has filed the statement in compliance with section 5.03(1) of Rev. Proc. 99-17. See Form 3115 instructions page 4 right hand side for mark to market. You can file it with your return next year.
@Jagan
@jinlong0720
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
