mark to market election in proseries software

Forum|Forum|4 years ago
November 8, 2021
3 replies
21 views

can someone please provide step by step instructions to make mark to mark election in proseries software?

i can find it for lacerte and for proconnect, which is great, but i need it for proseries, please help!

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

is it just an attached statement? If you dont see it prewritten in the list of elections, you may have to type it up and attach it yourself as a pdf.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

T

Terry53029

Intuit Community Champion

As Lisa said just attach the election to the 1040 as a pdf, Here are Irs instruction:

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.

ERIC J 11

Level 4

No end resolution to this issue was posted. Can anyone share exactly how they filed a 1040 with the IRS Sec, 475 MTM election?

I am contemplating adding as a MISCELLANEOUS STATEMENT within the software forms list, and also attaching as a PDF to the e-file (I need to figure this part out).

The IRS risks and potential downside of missing this election are enormous, therefore my plan to is add it both ways, I see no reason not to?

Thanks! Eric J

HOPE2

Level 7

Hi, did you file 3115 for a day trader? I need your help if you did it in Proseries and was everything good to go?

Sign up

Login with SSO

Let's get you signed in

Login with SSO