I'm really confused about one thing - you said you had your deferrals set up correctly in Fidelity, but nothing was actually deducted from your paychecks all year. Didn't you notice this on your pay stubs? I always check mine to make sure the right amount is coming out each pay period.

This is a clear-cut case where your employer owes you a QNEC. I work in retirement plan administration and see these situations regularly. The benefits team's response about "no deductions were taken" completely misses the point - that's exactly why a QNEC exists. Your employer has a fiduciary duty to implement valid deferral elections properly. When they fail to do so due to system errors, administrative mistakes, or any other reason, they must make participants whole through the EPCRS correction procedures. I'd recommend putting together a formal written request that includes: 1. Documentation of your original deferral election 2. Evidence that no contributions were made despite the valid election 3. Reference to IRS Revenue Procedure 2021-30 (the current EPCRS guidelines) 4. A calculation of what you're owed (missed deferrals + match + earnings) Send this directly to your CFO or plan administrator, not just the benefits team. Most employers will correct these issues promptly once they understand the compliance implications. The cost of a QNEC is far less than the potential penalties and plan disqualification risks they face for not correcting it. If they continue to resist, mention that you're considering filing a complaint with the Department of Labor's Employee Benefits Security Administration (EBSA). That usually gets their attention quickly.

One aspect of Section 179 that trips up a lot of small business owners is the phase-out provision. While you're well under the limits with your equipment purchases, it's worth knowing that if you buy more than $2,890,000 in qualifying property in a single tax year (for 2024), your Section 179 deduction starts getting reduced dollar-for-dollar. Once you hit $4,050,000 in purchases, you lose the Section 179 deduction entirely for that year. This probably won't affect your landscaping business, but it's something to keep in mind if your business grows significantly or if you're considering major equipment acquisitions. The phase-out is based on the total cost of all Section 179 property placed in service during the year, not just what you're trying to deduct. Also, remember that Section 179 is an election - you don't have to take it if regular depreciation would be more beneficial in your situation. Your accountant can run the numbers, but with your current income level, Section 179 will likely give you the best immediate tax benefit for that $34,000 mower purchase.

Just wanted to add one more consideration that hasn't been mentioned yet - the timing of your equipment delivery and setup. Even if you purchase the mower in November, make sure you actually have it delivered and ready for business use before December 31st to meet the "placed in service" requirement for this tax year. I learned this lesson when I bought a large piece of equipment in December but the dealer couldn't deliver and set it up until early January. Even though I paid for it in December, I had to wait until the following tax year to claim the Section 179 deduction because that's when it was actually placed in service. With your $90k in business income, you're in great shape for the $34k deduction. Just coordinate with your equipment dealer on delivery timing to make sure everything aligns with your tax planning. Some dealers are willing to prioritize year-end deliveries if you explain the tax implications, especially for commercial purchases like yours. Also keep your delivery receipt and any setup documentation - the IRS likes to see clear evidence of when equipment was actually put into service for business use, not just when it was purchased.

Congratulations on your upcoming wedding! I went through a very similar situation two years ago and wanted to share what I learned. The month-by-month eligibility calculation that others have mentioned is absolutely correct, but there's one additional detail that might help you feel even more confident. When you file Form 8962, there's actually a "safe harbor" provision for people whose income changes due to marriage. If your combined income for the year (including the pre-marriage months) is still under 400% of the Federal Poverty Level, your repayment amount is capped even if you technically received more credits than you qualified for. Given that your individual income was $38K and your fiancé's is $72K, your combined annual income of around $110K should still be well under the 400% FPL threshold for a married couple (which is about $140K for 2024). This means even in a worst-case scenario, any repayment would be limited. Also, definitely take advantage of that employer insurance option starting in December. Most employer plans have better coverage anyway, and it eliminates any uncertainty about marketplace calculations for the rest of the year. Don't let tax stress dampen your wedding joy - you're going to be just fine!

I'm dealing with a very similar situation - getting married in December and have been receiving Premium Tax Credits all year. Reading through everyone's responses has been incredibly helpful, especially learning about the month-by-month eligibility calculation. One thing I wanted to add that might help others: make sure to keep detailed records of when you actually get married versus when you update various systems. I've been told by a tax preparer that the IRS goes by your actual marriage date for the calculations, not when you updated your marketplace account or employer benefits. Also, for anyone in this situation, I found it helpful to request a projected 1095-A from the marketplace before the end of the year. This shows you exactly how much in Premium Tax Credits you've received so far and helps you estimate what the impact will be for those final months as a married couple. The advice about maximizing 401k contributions for the last couple months is brilliant - I hadn't thought of that strategy but it makes perfect sense for lowering your MAGI during the married filing period. Thanks to everyone who shared their experiences here. It's so reassuring to know this is a common situation with clear solutions rather than the tax disaster I was imagining!

As someone new to this community but unfortunately not new to tax anxiety, I'm finding this thread incredibly helpful! I just filed my first business return with Schedule C three days ago and I'm already getting that familiar pit in my stomach every time I think about checking my transcript. Reading everyone's experiences here is such a relief - it sounds like what I'm about to go through is completely normal, even if it's stressful. I had no idea that business returns go through additional validation steps or that there are multiple IRS databases that don't sync up in real time. That actually explains so much about why the process feels so opaque from the taxpayer side. I'm definitely going to bookmark this thread and resist the urge to start panic-checking my transcript until at least the 21-day mark. Thanks to everyone for sharing your experiences - it's so much better than going through this uncertainty alone!

Welcome to the "transcript anxiety club" that apparently every business owner joins during tax season! 😅 I'm fairly new to this community myself, but I've been following this discussion closely because I'm in almost the exact same boat - filed my Schedule C return about 2 weeks ago and have been fighting the urge to check my transcript every day. What really struck me from reading everyone's experiences is how this seems to be the norm rather than the exception for business returns. The explanation about multiple IRS databases not syncing in real-time actually makes so much sense, even though it's frustrating that we're left in the dark about where our returns actually are in the process. I think what's helping me the most is realizing that the acceptance email really is the key indicator that everything is moving forward properly. It's not just a "we received your paperwork" notification - it means the return passed all the initial validation checks and is actually in the system for processing. Thanks to everyone who shared their timelines and experiences. It's so much easier to wait it out when you know you're not alone in this process!

Something nobody mentioned yet - make sure you're filing the correct year forms for your late 2023 return! The IRS won't accept current year forms for prior year filings. You need to use the actual 2023 tax forms, which you can download from the IRS website. And if you mail it, write "2023 Form 1040" in big letters at the top so it gets routed correctly.

Don't beat yourself up too much about this - it happens to more people than you'd think! I went through something similar a couple years ago and it all worked out fine in the end. One thing I'd add to the great advice already given: when you mail your 2023 return, consider including a cover letter explaining that this is a late filing for tax year 2023. It can help the IRS processors route it correctly and understand why it's being filed now. Also, make copies of everything before you send it - keep a complete record of what you submitted and when. For your 2024 return, once it's accepted (which it should be with the $0 AGI), you can actually check the status of both returns separately on the IRS "Where's My Refund" tool. Your 2024 refund will likely come much faster since it was e-filed, while the 2023 refund will take longer due to paper processing. The good news is that $4,180 total in refunds is definitely worth the hassle of sorting this out! And you're well within the 3-year window for claiming your 2023 refund, so no money is lost. Just be patient with the process - the IRS is slow but they'll get it sorted eventually.