Part of the instructions state that the request must be sent in with a filed return. Is there an option to request this, or will I need to mail my return in next year?
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.
Refer to the Instructions for Schedule D (Form 1040 or 1040-SR), Capital Gains and Losses PDF for more information on how to make the mark-to-market election. It's important to note that in general, late section 475(f) elections aren't allowed.
so to make the election for 2022, if you qualify, you would have had to make it with a timely filed 2021 return or extension for the 2021 return
if not, you'll have to wait until 2023 ( with a timely filed 2022 tax return or extension) to make the election for 2023
you probably should consult with a tax pro to make sure you qualify and that is better than not making the election
key items about a valid election
no wash sales
unrealized gain or loss is taken into account each year in determining profit/loss from trading
income/loss is ordinary