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Level 3
posted Apr 12, 2019 3:46:19 PM

Does Mark to market election under sec 475 for first time for 2019 prevent me from e-filing for 2018?

Can I elect Mark to Market accounting under section 475 for the year 2019 and still be able to e-file 2018 Tax Return?  Or do I have to paper file 2018 tax return?  Please note I was not a full-time trader or had any trading business in 2018.  I am making this election for the first time and that too for year 2019.

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1 Best answer
Level 15
Apr 13, 2019 10:04:43 AM

4 Replies
Level 15
Apr 12, 2019 5:17:32 PM

 

Level 3
Apr 13, 2019 12:54:33 AM

Thank you for your response.  How about this?  Why can't I just e file my entire 2018 tax return.  Then separately simply mail the election using form 8453.  Kinda like the situation here: https://ttlc.intuit.com/questions/4400974-i-have-already-filed-my-2017-return-but-want-to-make-a-mark-to-market-election-for-2018-can-we-amend-this-to-my-filed-2017-return

 

Is that okay to do?

 

 

Level 15
Apr 13, 2019 10:04:43 AM

Returning Member
Jun 17, 2020 6:10:10 PM

Hi - 

 

Thank you for your very informative email.  Do you know whether TurboTax supports the MTM accounting method for trading after the MTM election is made?  I made the election for the 2018 tax year outside of TurboTax but would like to return to TurboTax this year.  Thank you for your help!