Hello, 

Can someone help answer a question I have regarding the number of years a trader can carry back NOL after making "mark to market election.

1. How many years can a day trader carryback NOL. I have read different versions (2yrs and up to 5yrs) online, but I am unable confirm the information from IRS.gov. Providing me with the specific section that deals with the mark to mark election and the years the trader can carryback NOL will be very helpful.

2. How does the day trader reclaim the prior years NOL after the election? Reclalim all NOLs in 2024 tax year or file form 3115 and amend the afftected years returns.

Thank you for your help.