The election has to be made in a statement on the taxpayer's due date(NOT including extensions) for their 2021 return to be valid for their 2022 return.

To make the election, simply write this statement on a sheet of paper with your name and social security number (or entity EIN) up top. “Under IRC 475(f), the Taxpayer at this moment elects to adopt the mark-to-market method of accounting for the tax year ended December 31, 2021, and subsequent tax years.

Another Former All Star