The election must be made on a timely filed return for the year prior to the election taking effect ... so it is too late to file the election for the 2021 tax return. The election for the 2022 tax year must be made on the timely filed 2021 return next year.
Per the IRS: https://www.irs.gov/taxtopics/tc429
A trader must make the mark-to-market election by the original due date (not including extensions) of the tax return for the year prior to the year for which the election becomes effective. 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:
- That you're making an election under section 475(f);
- The first tax year for which the election is effective (that is, the tax year for which a timely election is being made); and
- The trade or business for which you're making the election.
