3115 day trader

Forum|Forum|2 years ago
December 8, 2023
1 reply
16 views

Hi to all. My client called me that I am trading all the 2023 year. I checked his trading with requirement.

I have no debate for this part.

I told him why did not tell me since I had to file 3115 with 2022 tax return. So I searched and did not find a way how to file a late 3115 Just relief 9100 that it was complicate. I also have question regarding next year. I see in addition 3115 should attach a Statement that I would like to know what should be in there, is it handy? And can e-file Statement as PDF and 3115 both?

In Proseries we have form 3115 and Mark-to mark election which landed on 4797 automatically.

However, expenses related to trader inters on Sch C, it makes negative net income so what is the reason we should consider exemption of SE tax while it is a loss on Sch C? Even the client has a another Sch C with a net income, SE tax will be combined. I think I did not get this part correctly could please navigate me what we do exactly for SE tax?

I would greatly appreciated it!

Pay-by-Refund

This topic has been closed for replies.

T

Terry53029

Intuit Community Champion

Not sure what you are asking about the SE tax, but As a trader, you 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 you intend the election to become effective. See link.

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

HOPE2Author

Level 7

Thanks but for this part I did not have any question, right?

Dear folks I need really help for this problem, how to file late 3115? Dose everyone have exeriance regarding relief 9100?

Regarding a Statement which should be along 3115, is this just a A-4 paper includes: 1. making an election under....

2. The first year for which the election....

3. The trade or business ..... That's it?

Can we E-file both on Proseries?

Why we need to have SE exemption for expenses, while just expenses should enter on Sch C?

What is the most deferent between Automatic Change Request and Non-Automatic Change Request?

Thanks for your help.

J

jeffmcpa2010

Level 10

When I have clients who have something "out of the blue" that is outside my scope of knowledge and experience, and also appears to be a complicated issue, I generally inform them that I don't have the capability to properly deal with their specific tax issues, and that they will need to find a new preparer who is competent in those issues.

Saves me a lot of sleep and worry.

Best wishes on figuring out the answer to your Clients problem.

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