DAY TRADER ELECTIONS

[taxprep5268]

Per IRS Publication 550, a Mark-to-market election for traders must be made also:

1. Go to the Other section and then go to the screen, Elections (Misc. Elections).
2. Scroll to the bottom of the screen and look for the area Election to Use Mark-to-Market Method of Accounting
3. Check the box for Mark-to-market election for traders [475(f)].
4. Enter the trade or business in the field Trade or business for which election is made.

Where in proseries is the misc election forms? I use the basic program.

[Terry53029]

Click on "where do I enter" then type in election. You get a lot of elections, see it he one you need is there. from IRS:

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:

1. That you're making an election under section 475(f);
2. The first tax year for which the election is effective (that is, the tax year for which a timely election is being made); and
3. The trade or business for which you're making the election

[taxprep5268]

Thank you!!