No—you cannot make the missed 2023 QEF election merely by amending old returns now; you need one of the narrow retroactive-relief routes, or you must start the QEF election prospectively.

(e)(1)

Except as provided in § 1.1295-3, a shareholder making the section 1295 election must make the election on or before the due date, as extended under section 6081 (election due date), for filing the shareholder's income tax return for the first taxable year to which the election will apply. The section 1295 election must be made in the original return for that year, or in an amended return, provided the amended return is filed on or before the election due date.

(a)

This section prescribes the exclusive rules under which a shareholder, as defined in § 1.1295-1(j), may make a section 1295 election for a taxable year after the election due date, as defined in § 1.1295-1(e) (retroactive election). Therefore, a shareholder may not seek such relief under any other provision of the law, including § 301.9100 of this chapter.

(f)(1)

The Commissioner will grant relief under this paragraph (f) only if— (i) The shareholder reasonably relied on a qualified tax professional, within the meaning of paragraph (f)(2) of this section; (ii) Granting consent will not prejudice the interests of the United States government, as provided in paragraph (f)(3) of this section; (iii) The shareholder requests consent under paragraph (f) of this section before a representative of the Internal Revenue Service raises upon audit the PFIC status of the corporation for any taxable year of the shareholder; and (iv) The shareholder satisfies the procedural requirements set forth in paragraph (f)(4) of this section.

page 2, Qualified Electing Fund

A shareholder of a QEF must annually include in gross income, as ordinary income, its pro rata share of the ordinary earnings of the QEF and as long-term capital gain its pro rata share of the net capital gain of the QEF.

(g)(1)

For each year of the PFIC ending in a taxable year of a shareholder to which the shareholder's section 1295 election applies, the PFIC must provide the shareholder with a PFIC Annual Information Statement. The PFIC Annual Information Statement is a statement of the PFIC, signed by the PFIC or an authorized representative of the PFIC, that contains the following information and representations— (i) The first and last days of the taxable year of the PFIC to which the PFIC Annual Information Statement applies; (ii) Either— (A) The shareholder's pro rata shares of the ordinary earnings and net capital gain (as defined in § 1.1295-1(a)(2)) of the PFIC for the taxable year indicated in paragraph (g)(1)(i) of this section; or (B) Sufficient information to enable the shareholder to calculate its pro rata shares of the PFIC's ordinary earnings and net capital gain, for that taxable year;

(c)(2)(i)(A)-(C), (c)(2)(iii)

(A) On the last day of the shareholder’s taxable year: (1) The value of all PFIC stock owned directly or indirectly under section 1298(a) and § 1.1291-1(b)(8) by the shareholder is $25,000 or less; or (2) The section 1291 fund stock is indirectly owned by the shareholder under section 1298(a)(2)(B) and § 1.1291-1(b)(8)(ii)(B), and the value of the section 1291 fund stock indirectly owned by the shareholder is $5,000 or less; (B) The shareholder is not treated as receiving an excess distribution (within the meaning of section 1291(b)) with respect to the section 1291 fund during the taxable year or as recognizing gain treated as an excess distribution under section 1291(a)(2) as the result of a disposition of the section 1291 fund during the taxable year; and (C) An election under section 1295 has not been made to treat the section 1291 fund as a qualified electing fund with respect to the shareholder.

(a), (c)

A shareholder that makes the deemed sale election is treated as having sold, for its fair market value, the stock of the PFIC that the shareholder held on the qualification date. The gain recognized on the deemed sale is taxed under section 1291 as an excess distribution received on the qualification date. Any loss realized on the deemed sale is not recognized. If the deemed sale election is made in an amended return, the amended return must be filed by a date that is within three years of the due date, as extended under section 6081, of the original return for the taxable year that includes the qualification date.

§§ 3.03, 4.01(1), 5

Treas. Reg. § 1.1295-3(f)(4) provides that a PFIC shareholder requests consent to make a retroactive QEF election by filing a ruling request with the Office of Associate Chief Counsel (International) (retroactive QEF election ruling request). A separate user fee is required for each PFIC for which a PFIC shareholder is seeking consent to make a retroactive QEF election. This revenue procedure is effective for all ruling requests received on or after January 20, 2026.

Appendix A, (A)(3)(c)(ii), (A)(4)(a)-(b), page 86

All other letter ruling requests (including requests to revoke an election and accounting period and method of accounting requests other than those properly submitted on Form 1128, Application to Adopt, Change, or Retain a Tax Year, Part II of Form 2553, Election by a Small Business Corporation, or Form 3115, Application for Change in Accounting Method) (except as provided in paragraph (A)(4)(a) or (b), or (5)(a) of this appendix) |$43,700 |$43,700 | Request involves a tax issue from a person with gross income (as determined under paragraphs (B)(2), (3), (4), and (5) of this appendix) of less than $400,000 |$3,450 |$3,450 | Request involves a tax issue from a person with gross income (as determined under paragraphs (B)(2), (3), (4), and (5) of this appendix) of less than $10 million and $400,000 or more |$9,775 |$9,775 |

pages 1 and 11

For paper-filed Forms 1040-X, you must attach, to your completed Form 1040-X, a completed and updated Form 1040, 1040-SR, or 1040-NR, with your changes. For paper-filed Forms 1040-X, assemble any new or changed schedules and forms behind your completed, updated Form 1040, 1040-SR, or 1040-NR in the order of the ‘Attachment Sequence No.’ shown in the upper-right corner of the schedule or form.

page 2, When To File and Total Time Allowed

For a 2025 calendar year return, this is April 15, 2026, for most people. Generally, we can’t extend the due date of your return for more than 6 months (October 15, 2026, for most calendar year taxpayers).