Seeking help make a proper Section 475(f) Mark-to-Market election for Trader Tax Status (TTS) for an active stock trader, and help fill out Form 3115

[KrisD15]

HERE is a link that might help 

You do not file 3115 , that is to change accounting methods, you file a STATEMENT to elect the Mark to Market filing. 

If you file the statement in 2024, it will be for 2024 and beyond. You can't file now (in 2024) to make the election for 2023. 

You must be able to prove that for 2023 you traded like a Trader to claim "Trader Status" for 2024. You can't claim it because you will trade that way in the future.

TurboTax provides no way for you to include that statement unless you mail the return with the statement.

You can mail the File For Extensions with the statement and e-file the return.

I realize we are at the deadline, but this allows you to mail the statement but e-file the return. 

[fanfare]

"You must be able to prove that for 2023 you traded like a Trader to claim "Trader Status" for 2024. You can't claim it because you will trade that way in the future."

I don't think that's right.

Where is that rule?

@KrisD15 

cc: @J S 

[KrisD15]

IRS LINK 

"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."

This IRS link talks about what is required to claim "Trader" status. 

Next, it says "As a Trader"... the election is made by due date of return for prior year.

I only see this as 

First being a Trader

Second, making the election for the following year. 

@fanfare