Has anyone actually calculated the total difference between employer pretax health insurance vs marketplace plans when considering ALL factors? I'm in similar situation but also wondering about: 1. Quality of network (my employer plan sucks) 2. Premium differences 3. Tax implications 4. Out-of-pocket differences My employer takes $515/month pretax but the deductible is $7000! Marketplace plan is $560/month but deductible only $3500. Trying to figure out total cost including taxes.

One thing to consider that hasn't been mentioned yet is whether your employer offers a Health Savings Account (HSA) option with their high-deductible health plan. If they do, that's another significant tax advantage you'd lose by going to marketplace coverage. HSA contributions are triple tax-advantaged: deductible going in, grow tax-free, and withdrawals for qualified medical expenses are tax-free. For 2025, you can contribute up to $4,300 for individual coverage or $8,550 for family coverage. This could potentially offset some of the higher deductible concerns while maximizing your tax benefits. Also worth checking if your employer contributes anything to an HSA on your behalf - that's essentially free money you'd be giving up. Some employers contribute $500-2000 annually to employee HSAs, which changes the math considerably when comparing total compensation packages. If HSA isn't available with your current plan, that might actually strengthen the case for switching to marketplace coverage, especially if you can find an HSA-eligible high-deductible plan there.

Is anyone else confused by how 1099s are handled? My accountant said if it's a small amount like under $600 it doesn't even need to be reported??

Thanks everyone for the helpful responses! I was really hoping I could just wait until next year but it sounds like amending is definitely the way to go. @Daniela Rossi your explanation about the IRS matching system makes total sense - I hadn't thought about the fact that they already have copies of those 1099s. I'm going to wait for my refund like my tax software suggested, then file the amendment. Better to deal with this now than get hit with a surprise letter later! The penalty amounts @Samantha Johnson shared aren't as scary as I imagined, but still not something I want to deal with if I can avoid it. Really appreciate this community - was stressing about this for days and now I have a clear plan forward.

did u claim any credits? that usually makes it take way longer

Ugh the waiting is the worst part! I'm in a similar situation - verified identity 3/10 and still showing N/A on transcripts. From what I've read, it can take anywhere from 2-9 weeks after verification depending on what credits you claimed and if there are any other flags. The fact that your WMR changed to "received and being processed" is actually a good sign though - means they're actively working on it. Hang in there! 🤞

Pro tip: If you cant get your IP PIN online or by phone, you can file Form 15227 to request one. It takes longer, but it's an option if your stuck.

Just wanted to add that if you're using tax software like TurboTax or H&R Block, they usually have built-in help for IP PIN issues. Sometimes they can guide you through the retrieval process or even help you file without it in certain situations. Also, if you're married filing jointly and only one spouse has an IP PIN, you'll need to get one for both - learned that the hard way last year! 😅

Quick question - does anyone know if selling equipment/fixtures when closing a business is handled the same way as inventory? I'm about to close my soap making business and will be selling my equipment along with remaining inventory.

As someone who just went through closing my small consulting business last month, I wanted to add that timing can be really important here. Since you mentioned you're down to the wire with filing, make sure you don't miss any quarterly estimated tax payments that might be due if you had other income during the year. Also, when you report the $8,400 from scrapping on Schedule C, double-check that you're not forgetting any other business expenses from the year - things like storage costs for the inventory, shipping to the refiner, or any professional fees you paid for advice on closing the business. These can all be legitimate deductions that might help offset some of that inventory loss. One last thing - keep really good documentation of the scrapping transaction (receipts from the refiner, weights, metal content analysis, etc.) in case the IRS ever questions how you arrived at the $8,400 figure or the original $12,000 cost basis.