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After you file
That form 4684 is not for an investment that turned out to be worthless. That is for claiming income that you reported in prior years that has turned out to have not been real income.
It sounds like what you have is an investment that you made in a company that turned out not to be a real or valid investment. When you make an investment like that you can take a deduction for your loss when it becomes worthless. Which, based on what you've written, won't be until at least 2025.
The payments that you receive are a return of your investment. So each year you will enter the amount that you receive as a sale of an investment with no 1099-B received and no basis reported to the IRS. And you will reduce your basis in the investment by the amount that you receive.
For example, if you originally invested $200,000 and you receive $10,000 then you enter that as a sale of your investment with a sale price of $10,000 and a basis of $10,000. Then you basis going forward would be $190,000.
You reduce it every time you receive a payment until you receive the final one. At that point you would enter the final payment you receive as well as whatever basis is remaining. This should result in a loss equal to the amount of the original investment that you will never receive back.
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