Entering day trader transactions in Proseries

Forum|Forum|3 years ago
October 30, 2022
19 replies
46 views

Hi everyone. I see when I search for Day trader this one comes up: Entering day trader transactions in ProConnect.

How about Proseries? Whenever I am searching some can find somehow everything in ProConnect but Proseries does not have it. Please help me where can I select

Election to Use Mark-to-Market Method of Accounting
Check the box for Mark-to-market election for traders [475(f)] in Proseries.

ProSeries Professional

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

If you use the WHERE DO I ENTER button on the toolbar and type in ELE the list of elections should appear...is it in there?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

HOPE2Author

Level 7

Sadly, is not there this election:

Election to Use Mark-to-Market Method of Accounting
Check the box for Mark-to-market election for traders [475(f)]

I think Proseries does not handle it, filing tax return for stock traders.

T

Terry53029

Intuit Community Champion

All you have to do in ProSeries is to attach a pdf. Here is the statement that you need to attach 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:

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.

Hi everyone. I see when I search for Day trader this one comes up: Entering day trader transactions in ProConnect.

How about Proseries? Whenever I am searching some can find somehow everything in ProConnect but Proseries does not have it. Please help me where can I select

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