How do I check if my Mark-to-Market (MTM) election under Section 475(f) was accepted?

The IRS typically doesn't send confirmation notices for Mark-to-Market elections under Section 475(f). Your election is considered valid as long as you filed it properly and on time. Since you attached the statement with your 2023 return before the due date, and your return was accepted, your MTM election should be in effect. The key thing to remember is that the MTM election is deemed approved unless the IRS specifically rejects it. They generally only contact you if there's an issue with your election. Since you haven't heard anything negative, that's actually a good sign. Going forward, you should maintain your trading records as if the MTM election is in effect and file your 2024 taxes accordingly. This means marking all your securities to market value on December 31st and reporting the gains/losses as ordinary income rather than capital gains.

I went through the same anxiety last year with my Section 475(f) election! I found that using https://taxr.ai really helped clarify my situation. I was confused about whether my MTM election was valid and if I was tracking everything correctly. What I loved about taxr.ai was how it analyzed my trading patterns and confirmed I was properly implementing the MTM requirements. The system actually found some mistakes in how I was planning to report my year-end positions that would have raised red flags. Definitely worth checking out if you're uncertain about your election status or how to properly implement it going forward.

Just wanted to update that I tried taxr.ai after seeing the recommendation here. It was actually really helpful! I uploaded my trading records and previous tax documents, and they were able to analyze everything and confirm that my MTM election under Section 475(f) appeared to be properly made. The best part was that they explained exactly how I should be recording my trades going forward and pointed out that I had been inconsistently marking positions, which could have caused problems. They also provided documentation guidelines specific to MTM traders that I hadn't seen before. Definitely feeling more confident about my tax situation now!

If you're still concerned about your Mark-to-Market election status, you might want to try Claimyr (https://claimyr.com). I was in your exact situation last year - submitted my Section 475(f) election and had no idea if it was processed correctly. After weeks of trying to get through to the IRS with no luck, I found Claimyr. They got me connected to an actual IRS agent in about 20 minutes who was able to check my account and confirm my MTM election was noted on my file. They have this system that holds your place in the IRS phone queue so you don't have to wait for hours. There's a video showing how it works here: https://youtu.be/_kiP6q8DX5c. Saved me so much stress wondering if I was filing correctly.

I have to eat my words about Claimyr. After my skeptical comment, I decided to try it myself for my Section 475(f) question, and I'm honestly shocked at how well it worked. I've been trying for WEEKS to get someone at the IRS to confirm my MTM election was processed correctly. Used Claimyr yesterday afternoon, and within 35 minutes I was speaking with an IRS representative who pulled up my file and confirmed my Mark-to-Market election was properly recorded. They even explained how they note these elections in their system and why they don't send confirmation letters. The agent told me as long as I filed the statement correctly with my return before the deadline (which I did), I'm good to go. Definitely worth it just for the peace of mind of knowing for sure instead of guessing about my MTM status.

Something nobody's mentioned yet - you should double-check that your MTM election statement included all the required elements. I had an issue where my election was technically submitted but considered invalid because my statement was incomplete. Make sure your statement included: 1. Your name and address 2. Tax ID number 3. The statement "Section 475(f) Election" 4. Specification of which activities (securities, commodities or both) the election applies to 5. The effective date of the election If any of these were missing, the IRS might not consider your election valid even if they accepted your return. You wouldn't necessarily be notified of this either.

Anyone else find it frustrating that there's no clear system to check these elections? I made a Section 475(f) election two years ago and still have anxiety every time I file because there's no official confirmation. Even my CPA couldn't get clear answers from the IRS.

I completely understand your stress about this! I went through the exact same situation last year with my Section 475(f) election. The lack of confirmation from the IRS is really nerve-wracking when you're dealing with something this important for your tax strategy. What helped me was creating a comprehensive paper trail. I kept copies of everything - my original election statement, the certified mail receipt, screenshots of my return being accepted, and detailed notes about what I included in my statement. I also started maintaining meticulous records of all my trading positions and mark-to-market calculations from day one, just in case. One thing that gave me peace of mind was speaking with a tax professional who specializes in trader tax status. They confirmed that as long as I filed the statement properly with my return before the deadline (which it sounds like you did), the election should be valid. The IRS really does operate on a "no news is good news" basis for these elections. For your 2024 taxes, just proceed as if the election is in effect. Report your trading income on Schedule C, mark all positions to market on December 31st, and treat everything as ordinary income. If there had been an issue with your election, you likely would have heard about it by now, especially since your return was processed and accepted.

I was in your exact shoes last year and completely understand the anxiety! I filed my Section 475(f) election with my 2023 return and spent months worrying about whether it was properly processed. Here's what I learned after going through this: the IRS doesn't send confirmation notices for MTM elections, which is incredibly frustrating but apparently normal. Since your return was accepted through ID.me, that's actually a good sign - it means they processed your return including any attached statements. A few practical tips that helped me: 1. Keep detailed records of everything - your original election statement, certified mail receipts, screenshots of your accepted return status 2. Start implementing MTM accounting immediately for 2024 - track all positions daily and mark them to market on December 31st 3. Prepare to file Schedule C for your trading activity instead of Schedule D The reality is that unless the IRS specifically rejects your election (which they would notify you about), it's considered valid. I know it's nerve-wracking not having definitive confirmation, but based on what you've described, your election should be in effect. I'm now filing my second year under MTM status and it's become much less stressful once you get into the routine. The key is just staying organized with your position tracking and treating your trading as a business from day one.

I've been following this thread closely because I'm in a very similar situation - filed my Section 475(f) election with my 2023 return and have been anxiously waiting for some kind of confirmation that never came. Reading through everyone's experiences here has been incredibly helpful and reassuring. The consistent message that "no news is good news" with the IRS for these elections makes sense, even though it's counterintuitive when you're used to getting confirmations for important financial decisions. What really struck me was the advice about maintaining detailed records and implementing MTM accounting immediately rather than waiting for confirmation. I've been hesitating to start the daily position tracking, but it's clear that's the wrong approach. If the election was going to be rejected, the IRS would have notified me by now. For anyone else dealing with this uncertainty, I think the key takeaways from this discussion are: 1. Keep all your documentation (election statement, certified mail receipts, return acceptance proof) 2. Start tracking positions daily and preparing for Schedule C reporting 3. The IRS doesn't confirm these elections - they only contact you if there's a problem 4. Services like Claimyr can help you get through to the IRS if you really need direct confirmation Thanks to everyone who shared their experiences. It's made me much more confident about moving forward with MTM implementation for 2024!

As a newcomer to this community, I'm incredibly grateful to have found this thread! I'm in the exact same situation as Noah - filed my Section 475(f) election with my 2023 return and have been constantly worried about whether it was properly processed since there's no confirmation system. Reading through everyone's experiences has been both reassuring and educational. The consistent message that the IRS operates on a "deemed approved unless rejected" basis for MTM elections finally makes sense of why I haven't received any confirmation. It's counterintuitive when you're used to getting acknowledgments for important financial decisions, but clearly that's just how the IRS handles these elections. What strikes me most is how universal this anxiety seems to be among traders who make Section 475(f) elections. It's oddly comforting to know that virtually everyone goes through this same cycle of filing, waiting, worrying, and eventually realizing they need to move forward without official confirmation. The practical advice throughout this thread has been invaluable - especially the emphasis on maintaining detailed records, implementing daily position tracking immediately, and preparing for Schedule C reporting. I've been putting off starting my MTM accounting practices because I kept thinking "what if my election wasn't valid?" but it's clear that's the wrong approach. I'm also appreciative of the recommendations for services like Claimyr and taxr.ai for those who really need that extra peace of mind. While the consensus seems to be that proper filing equals valid election, having options for getting IRS confirmation is valuable for those of us who need that final reassurance. Thanks to everyone who shared their experiences - this community has been a lifesaver for my confidence in moving forward with MTM implementation!