topic Mark To Market Election in After you file

Mark To Market Election

hc5714900 — Sat, 20 Mar 2021 15:01:26 GMT

Hi,

How I can submit my Mark To Market election if I efile my 2020 return?

Thanks,

Re: Mark To Market Election

Anonymous_ — Sat, 20 Mar 2021 15:24:03 GMT

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.

See https://www.irs.gov/taxtopics/tc429

Re: Mark To Market Election

hc5714900 — Sat, 20 Mar 2021 15:32:36 GMT

Thank you for the prompt respond, but my question was related to electronic filing, if I do that, should I just send the election to the IRS by mail or a copy of my tax return with the election attached?

Re: Mark To Market Election

Anonymous_ — Sat, 20 Mar 2021 15:33:25 GMT

A copy of your tax return with the election (by the due date, obviously).

Re: Mark To Market Election

DrGonzo — Fri, 05 Apr 2024 05:54:34 GMT

When making the MTM election. Can you efile first and later mail the election with your return after the e-filing is completed? Thank you

Re: Mark To Market Election

Anonymous_ — Fri, 05 Apr 2024 13:17:43 GMT

It's just a statement and it needs to be attached to the return or to a request for an extension to file the return.

See https://www.thetaxadviser.com/issues/2010/feb/sec475mark-to-marketelection.html

Re: Mark To Market Election

DaveF1006 — Fri, 05 Apr 2024 13:22:43 GMT

Just for clarification on your answer, it needs to be attached to your return and mailed in at the same time. It cannot be mailed separately after efiling your return.

@DrGonzo

Re: Mark To Market Election

DrGonzo — Mon, 08 Apr 2024 04:09:01 GMT

Appreciate the responces. Thoughts on the following?

Mr John Smith

SSN [removed]

DATE 04/03/2024

Attachment to the 2023 Form 1040

I, Mr Smith hereby elect to use the mark-to-market method of accounting under section 475(f) of the Internal Revenue Code for my trade or business of trading securities. The first year for which the election is effective is the taxable year beginning January 1 2024.

AND/Or I, mark 64 on form 3115

Thoughts on which one or both?

Re: Mark To Market Election

wnetmw — Mon, 08 Apr 2024 11:41:34 GMT

I do my taxes with both TaxAct and Turbotax. TaxAct lets you efile with attached pdf documents for exactly your situation, where you want to make an election. It is something I and others have asked Turbotax to implement for years, something TaxAct has had for over 10 years. I can't recommend Turbotax for this and other failings. (A bug I found two years ago and reported to TaxAct and Turbotax at the same time was fixed in TaxAct but not in Turbotax, for example).

Re: Mark To Market Election

fanfare — Fri, 26 Apr 2024 02:08:29 GMT

If you make the MTM election you'll have to file a paper tax return because your transaction details do not go on Form 8949.

Re: Mark To Market Election

wnetmw — Tue, 23 Apr 2024 20:59:19 GMT

Look at https://www.taxact.com/support/[removed]/notes-and-explanations-for-e-filing

to allow for general statements for your return like making a federal election.

Again, I wish Turbotax would implement something similar.