One thing nobody's mentioned yet - make sure your new 401k plan document explicitly allows for rollovers from IRAs if you're planning to consolidate your retirement funds. Some plans restrict incoming rollovers or have blackout periods for new plans. Also keep in mind that SEP IRA to 401k rollovers might limit your ability to do backdoor Roth conversions in the future if that's part of your strategy (because of the pro-rata rule). Sometimes keeping them separate makes more tax sense depending on your overall situation.

I went through exactly this transition last year! Left my SEP open with the existing money and started a 401k when I brought on employees. One thing to watch for - make sure you properly document the termination of new contributions to the SEP (even though there's no formal closure). I kept a corporate minute in my company records noting the board decision to freeze the SEP and establish the new 401k. My accountant said this creates a clear paper trail if there's ever a question about why we stopped SEP contributions for the business.

I went through something very similar after Hurricane Ian damaged my roof. A few things that might help based on my experience: First, you absolutely need to document everything now if you haven't already. Take photos of any remaining damage, keep ALL receipts from the roofing company, and try to get written estimates from contractors (even if you've already done the repairs). The IRS will want to see proof that the damage was specifically from the federally declared disaster. For the fair market value calculation, using your repair costs as a baseline is reasonable, but consider getting at least one professional estimate of what your home's value decrease was. Some insurance adjusters will do this for a fee even if you're not filing a claim, and it gives you more credible documentation. One thing that caught me off guard - make sure you're claiming this in the right tax year. Since it was a federally declared disaster, you can choose to claim it on last year's return (by amending) or this year's return. If your income was lower last year, that might give you a better deduction after the 10% AGI reduction. Also, don't forget about related expenses like temporary repairs, tarps, or cleanup costs - these can sometimes be included in your casualty loss calculation too.

Based on your situation, here are a few key points that might help with your Form 4684: Since you mentioned you've never filed a tax return before, you'll want to be extra careful with documentation. The IRS tends to scrutinize first-time filers more closely, especially for significant deductions like casualty losses. For the fair market value calculation, your $27k repair cost is actually a solid starting point. The IRS Publication 547 specifically mentions that repair costs can be used as evidence of decreased fair market value, as long as the repairs only restore the property to its pre-damage condition (which sounds like your case with the roof). One important thing others haven't mentioned - make sure you get a copy of the official FEMA disaster declaration for your area. You'll need the disaster declaration number for your Form 4684, and having this documentation helps establish that your loss qualifies for the special disaster provisions. Also, since your income is $110k, definitely run the numbers on claiming this loss on your 2023 return (amended) versus your 2024 return. If your 2023 income was lower, the 10% AGI threshold would be smaller, potentially giving you a larger deduction. Don't forget to keep detailed records of everything - the IRS has up to 3 years to audit casualty loss claims, and disaster-related deductions sometimes get extra scrutiny.

Has anyone just printed out Form 4684 and done it manually? You can still e-file the rest of your return through TurboTax and just mail in the 4684 separately with a 1040-X later when it becomes available. That's what I did last year with a delayed schedule.

I'm dealing with this exact same Form 4684 issue right now! Based on all the suggestions here, it sounds like there are several viable paths forward. For those considering the professional software route that Freya mentioned - I actually called Drake Software yesterday and they confirmed Form 4684 is fully available in their system. The rep said they prioritize getting all forms ready by mid-January since tax professionals can't afford to wait. One thing I'm curious about - has anyone tried contacting TurboTax directly to see if they'll extend your subscription to next year as compensation for this delay? Seems like they should offer something for the inconvenience, especially for long-time customers like the original poster. Also wanted to mention that if you do decide to switch software mid-stream, make sure to keep detailed records of what you've already entered. Even if the new software can't import your TurboTax file, having everything organized will make the re-entry process much faster.

Just a heads up - I didn't report a $200 bank bonus a few years ago because I didn't understand what the 1099-INT was for. Ended up getting a letter from the IRS about underreported income. Had to pay the tax plus a small penalty. Not worth the headache! Better to just report it correctly the first time.

This is such a common surprise for people! I work as a tax preparer and see this confusion every single year. Banks are actually required by law to issue 1099-INT forms for any "interest" payments over $10, and the IRS defines promotional bonuses as interest income even though it feels weird to call it that. A few tips for next time: 1) When you see bank bonus offers, mentally add about 22-37% to your tax bill depending on your bracket, 2) Consider setting aside the tax money right when you get the bonus so it doesn't feel like a surprise bill later, and 3) Keep records of which banks you've gotten bonuses from since some have restrictions on how often you can get their promotions. The good news is $375 probably won't bump you into a higher tax bracket by itself, so you're just looking at your marginal rate on that amount. Still annoying when you weren't expecting it though!

17 Has anyone used TurboTax to file their 1099-NEC? I'm trying to figure out which software handles independent contractor income the best without making me feel like I need a business degree to file my taxes.

One thing to keep in mind about the 1099-NEC classification - make sure you're setting aside money for taxes throughout the year if you continue this type of work. Since no taxes are withheld, you'll likely need to make quarterly estimated tax payments to avoid penalties. The general rule is to set aside about 25-30% of your 1099 income for taxes (this covers both income tax and self-employment tax). You can make these payments online through the IRS website or mail them in. The due dates are usually mid-April, mid-June, mid-September, and mid-January. Also, don't forget that as a contractor, you're paying both the employee and employer portions of Social Security and Medicare taxes (the 15.3% self-employment tax), but you can deduct half of that on your tax return. It's one of those things that seems unfair at first, but the deduction helps offset some of the burden. Keep good records of all your work-related expenses throughout the year - it'll make tax time much easier!