April 15, 2017 or April 15, 2016? I want to know whether...

What is the deadline to file 475 election

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April 15 is the deadline for individual and partnership traders qualifying for trader tax status to file a Section 475 MTM election statement with the IRS for 2016 and subsequent years. The election statement is attached to the federal extension.

April 15, 2017 or April 15, 2016? I want to know whether it's too late to elect the trader status for 2016 filing purposes.

does the 5% penalty apply to total return/tax if filed after april 15th? And is 8/15 the cutoff where they penalize you the max 25% even though that's 4 months?

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