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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: The Prudent Investor who wrote (753)	3/11/1999 3:08:00 AM
From: Colin Cody	Read Replies (1) \| Respond to of 1383

Yes if you have not yet filed your 1997 US personal income tax return, then generally you may still elect MTM (assuming that you were a Trader for 1997 and you are filing as "trader status" for that year). You must have the 1997 return with the appropriate election prepared in accordance with the IRS guidelines and postmarked no later than 3/17/99 and then the return must be finalized with all appropriate calculations (if necessary because you were rushed meeting the March 16th deadline) with the filing of a form 1040X postmarked no later than 6/16/99. MTM may or may not be "right" for you, and the election is irrevocable. Whatever you decide you MUST ACT IMMEDIATELY or the final date will slide away and the decision will have been made for you by Uncle Sam. Colin