Thanks for all the helpful responses everyone! I really appreciate the clarification on how SEP IRA catch-up contributions work. Based on what I'm reading here, it sounds like I can make my regular SEP contribution (the 25% of net self-employment income) plus add a $1,000 catch-up contribution as a traditional IRA contribution to the same account. I'm definitely going to look into the solo 401k option for 2024 that Harmony mentioned - the higher catch-up limit of $7,500 sounds much better than the $1,000 IRA limit. And good point about double-checking the tax software calculations, Rudy. I'll make sure my software isn't trying to add catch-up directly to the SEP calculation. One follow-up question though - when I make that $1,000 catch-up contribution as a traditional IRA contribution, do I need to do anything special to designate it as such, or does the account custodian handle that automatically?

This is such a helpful thread! I'm in a similar situation - turned 52 last year and have been contributing to a SEP IRA for my freelance work. I had no idea about the traditional IRA catch-up workaround that Melissa mentioned. One thing I want to add for anyone reading this - make sure you understand the income limits for traditional IRA deductibility if you also have a day job with a 401k. I learned the hard way that having workplace retirement plan coverage can phase out your ability to deduct traditional IRA contributions depending on your income level. The SEP contribution isn't affected by this, but that $1,000 catch-up might not be deductible if your total income is too high and you're covered by another plan. Also, definitely agree with everyone saying to double-check your tax software calculations. I caught mine trying to add the catch-up directly to my SEP calculation too. Had to manually separate them on the forms.

Has anyone tried calling Intuit directly? Maybe they can help? This seems like a massive faillure on their end.

I'm dealing with this exact same issue right now! Got my settlement check for $34 last week and it's been rejected at three different places - my credit union, Chase, and even tried at a check cashing place. The check cashing place said something about the routing number not validating properly in their system. It's so frustrating because like you said, it's not a huge amount but it's still money we're owed. I'm starting to wonder if they made the checks hard to cash on purpose. Has anyone had any luck contacting the settlement administrator directly to complain about this?

This is a great question and you're smart to double-check! As others have mentioned, you don't need to attach your 83(b) election to your 2024 tax return since you already filed it properly within the 30-day window. One additional tip: consider keeping digital copies of your 83(b) election documents in multiple places (cloud storage, email to yourself, etc.) along with your physical copies. I've seen too many founders scramble years later when they need to prove their election was made for capital gains calculations. Also, if your startup issues any tax documents like Form 1099-B when you eventually sell shares, make sure they reflect the correct basis from your 83(b) election. Sometimes companies don't track this properly and report incorrect information to the IRS, which can create headaches during tax season. You're clearly on top of things by asking these questions early - that attention to detail will serve you well as your startup grows!

Great thread! I went through this exact situation last year and can confirm what others have said - no need to resubmit your 83(b) election with your current tax return since you already filed it properly. One thing I wish I had done earlier was creating a simple spreadsheet to track my equity details. I recorded the grant date, number of shares, exercise price, fair market value at grant, and references to my 83(b) filing. This made it so much easier when my accountant needed the information this tax season. Also, if you're planning to exercise more options or receive additional equity grants in the future, consider whether 83(b) elections make sense for those too. The analysis can be different depending on your company's valuation trajectory and your personal tax situation. Keep those records safe - you'll definitely need them when you eventually have a liquidity event!

Don't panic yet! This time of year it could be a simple CP2000 notice if there was a minor discrepancy between what you reported and what was reported to them (like a 1099 that didn't match perfectly). Since you already got your refund, it's likely just a routine notice that needs a response. The fact that it's thin is a good sign - audit packets are usually thick. Keep us posted on what it turns out to be!

I totally get the anxiety! I've been through this exact situation multiple times. Since you already got your refund and it's a thin envelope, it's most likely just a routine notice - maybe they need to verify something minor or there was a small discrepancy they caught after processing. The IRS sends out millions of these notices and most are just informational or require a simple response. Try to breathe easy until you actually see what it says! 📬

Does anyone know if TurboTax handles the calculation of depreciation automatically? I hate math and am terrified of getting this wrong!

Just want to add something that might help - when you're calculating what percentage of your home's value is attributable to the building vs land (for depreciation purposes), you can usually find this info on your county tax assessor's website. They typically break down the assessed value between land and improvements. Also, since this was your primary residence before becoming a rental, make sure you're using the lower of either your original cost basis or the fair market value when you converted it to rental use. This is called the "conversion rule" and can actually save you money if your home decreased in value between when you bought it and when you started renting it out. One last tip - keep really good records of any improvements or repairs you make while it's a rental property. Capital improvements get added to your basis and depreciated, while repairs and maintenance are immediately deductible. The distinction can make a big difference on your taxes!