Another consideration - remember that contributing to a SEP IRA creates "basis" in traditional IRAs which can complicate backdoor Roth contributions if your income increases again in the future. I'd suggest maximizing your Roth contributions while you're eligible, since that growth will be tax-free forever. Then put whatever else you can into the SEP.

Great question! As others have confirmed, you can absolutely contribute to both a SEP IRA and Roth IRA in the same tax year - they have completely separate contribution limits and eligibility rules. For 2025, you can contribute up to 25% of your net self-employment income to your SEP IRA (maximum $69,000) AND up to $7,000 to your Roth IRA since you're under the $153,000 income threshold. With your $109k income, you're in a perfect position to take advantage of both. Your accountant might have been thinking of the rule that prevents contributing to both traditional and Roth IRAs beyond the combined $7,000 limit, but SEP IRAs operate under completely different rules as employer-sponsored plans. One thing to keep in mind: make sure you're calculating your SEP contribution correctly using the actual formula (it works out to about 20% of net self-employment income, not a straight 25%). And consider prioritizing the Roth while you're eligible, since tax-free growth is hard to beat!

This is really helpful info everyone! I'm actually in a similar boat - my mom has been sending me money through Zelle for rent and groceries while I'm in college. From what I'm reading here, it sounds like as long as she's not going over $18k per year (or $19k in 2025), neither of us need to worry about reporting anything to the IRS since these are genuine gifts to help with school expenses. One question though - what if some of the transfers were reimbursements? Like if I paid for something with my card and she sent me money back for it? Does that change anything tax-wise, or is it still considered a gift since it's family money helping me out?

Just to add another perspective - I went through something similar when my parents helped me with living expenses during graduate school. One thing that really helped me was keeping simple records of these transfers, even though you don't need to report them as the recipient. I created a basic spreadsheet showing the dates, amounts, and noted they were "family support/gifts" in case I ever needed to explain them later. It's probably overkill, but having that documentation gave me peace of mind, especially since some of the amounts were substantial. The IRS rarely questions legitimate family gifts, but if they ever did, having a clear record showing these were regular support payments from your dad (not income from work or anything else) would be helpful. Plus it makes it easy to track that you're staying under the annual gift limits each year. Don't stress too much about it though - based on everything you've described, these are clearly gifts and you're handling everything correctly by not reporting them as income!

I had the exact same frustrating experience with Transamerica last year! After spending way too much time navigating their confusing website, I discovered that their tax documents are often buried in a section called "Account Services" or sometimes under "My Profile" → "Document Preferences." One thing that helped me was using the site's search bar (if they have one visible) and typing "1099-R" directly. Sometimes that brings up the right section faster than clicking through all their poorly organized menus. If all else fails and you need it urgently, you can also request they fax or email it directly by calling them. Just have your account number and SSN ready. I know it's a pain, but at least you'll have what you need to finish your taxes on time. The whole process really shouldn't be this complicated - these financial companies need to get their act together with user-friendly interfaces!

Pro tip from someone who's been through this dance with multiple retirement account providers: if you're still having trouble locating your 1099-R, try checking if Transamerica has a "Year-End Tax Information" or "Annual Tax Center" section that only appears during tax season. Some providers create temporary portals specifically for tax document access. Also, before calling their customer service, try logging out completely and logging back in. I've noticed with several financial institutions that tax documents sometimes don't show up until you refresh your session, especially if they were recently generated. If you do end up calling, ask them to confirm whether you actually received a taxable distribution that would generate a 1099-R. Sometimes people think they need one but the distribution might have been a direct rollover or other non-taxable transaction that wouldn't require the form. This could save you time if that's the case!

My tax guy told me the key is having a completely separate business entity for the 1099 work. If its just you getting paid both ways, the IRS tends to view it as one job. But if you have an LLC or S-Corp for your freelance work that contracts with the company, that creates clearer separation.

The advice about having a separate business entity is solid, but you don't necessarily need to set up an LLC or S-Corp to make legitimate deductions work. What matters most is being able to clearly demonstrate that your 1099 work is genuinely separate from your W2 duties. I'd focus on three key documentation strategies: 1) Keep separate calendars/logs showing when you're doing W2 vs 1099 work, 2) Maintain records of any different clients, projects, or deliverables for your 1099 work, and 3) Track your mileage with specific business purposes noted (not just "went to office"). The IRS will scrutinize situations like yours more closely, but as long as you can show legitimate business separation and aren't just trying to convert regular commuting expenses into deductions, you should be fine. Consider consulting with a tax professional who specializes in mixed employment situations - the upfront cost is usually worth avoiding potential audit issues down the road.

Same thing happened to me last year! That "Information Not Available" message is just the IRS being extra cautious during PATH processing. The system automatically displays that generic "adjustment" language whenever a return is being actively reviewed, even if you didn't request any changes. Your previous years showing $0.00 balances is actually a really good sign - means your account history is clean. I know the waiting is brutal but that INFO status is totally normal for this time of year. Should update to show your actual refund amount once they finish their verification process!

I'm dealing with the exact same situation right now! Been checking my transcript obsessively and seeing that "Information Not Available" message for 2024 while my other years show $0.00. It's such a relief to read everyone's responses here - I was starting to think I'd made some mistake on my return or that the IRS found an issue. The PATH Act processing is definitely nerve-wracking when you're waiting for your refund, but sounds like this is just part of their standard verification process. At least we're all in this together! 😅