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'm going through this exact same situation right now! Filed my Section 475(f) election with my 2023 return in March and have been checking my account obsessively for any kind of confirmation. It's really frustrating that there's no clear way to verify these elections were processed correctly. Reading through everyone's responses here has been incredibly helpful though. The "no news is good news" principle makes sense, even if it's anxiety-inducing. I think the key takeaway is that if the IRS accepted your return and you included a properly formatted MTM election statement, you should be good to go. For anyone else in this boat, I've started keeping a detailed spreadsheet of all my positions with daily mark-to-market values, just so I'm ready when it comes time to file 2024 taxes. Better to be over-prepared than scrambling to recreate records later! Thanks to everyone who shared their experiences - it really helps to know other traders have navigated this successfully.

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 went through this exact same anxiety with my Section 475(f) election! Filed it with my 2023 return and spent weeks obsessing over whether it was properly processed since there's no confirmation system. What finally put my mind at ease was understanding that the IRS operates on a "deemed approved unless specifically rejected" basis for these elections. Since your return was accepted and you haven't received any rejection notices, your MTM election is almost certainly valid and in effect. Here's what I wish someone had told me earlier: start implementing MTM accounting practices immediately for 2024. Don't wait for confirmation that will never come. Track your positions daily, maintain detailed records of market values, and prepare to report everything as ordinary business income on Schedule C rather than capital gains. The transition from worrying about election status to actually implementing MTM has been much smoother than I expected. Yes, it requires more detailed record-keeping than traditional capital gains reporting, but the tax benefits (especially full deductibility of losses against ordinary income) make it worthwhile. Keep your certified mail receipt, your election statement copy, and screenshots of your accepted return status. That paper trail is your confirmation. The IRS may not send you a gold star, but your election is valid if properly filed and not rejected. You've got this - the hardest part (making the election and getting through the uncertainty) is behind you!