Don't forget that if your parents claim you as a dependent, THEY would get the education credit based on your expenses, not you! This tripped me up big time last year. If they paid any of your tuition, or if they claim you, make sure you coordinate with them on who's claiming what.

I just went through this exact same situation last year and wanted to share what I learned. The timing confusion around education expenses is really common, especially with late payments. The key principle is simple: you claim education expenses in the tax year you actually paid them, not the academic year they're for. So your January 2025 payment gets claimed on your 2025 tax return (filed in 2026), even though it was for Fall 2024 classes. For your current 2024 return, you can only claim what you actually paid in 2024. Based on what you described, it sounds like you might not have any out-of-pocket payments to claim for 2024 if the scholarship covered everything until your late payment. One tip for next year: keep detailed records of exactly when you made that January payment, including bank statements or receipts from the school. The IRS may want to see proof of payment dates if there are ever questions about your education credits. Also, don't stress too much about "missing out" this year - you'll be able to claim that $7.2k payment on next year's return and potentially get a nice refund then!

Just be careful about the timing of all this. I closed my LLC last year but made a mistake in the sequence and it cost me. Make sure you: 1) File your final tax return first 2) THEN dissolve with the state 3) THEN cancel any local licenses/permits 4) THEN notify vendors, banks, etc. If you dissolve with the state first, you might have trouble filing your final tax return because technically the business no longer exists. I learned this the hard way and had to reinstate my LLC temporarily just to file properly.

Great advice in this thread! I went through a similar situation last year with both an LLC and sole proprietorship that had been mostly inactive. One thing I'd add is to make sure you handle any outstanding business debts or contracts before filing for dissolution. I almost forgot about a small monthly software subscription I had for the LLC and a couple of vendor accounts that were still open. Even though the amounts were tiny, having open obligations can complicate the dissolution process. Also, if you have any business bank accounts, don't close them until after you've filed all your final returns and received any potential refunds. I made the mistake of closing my business checking account too early and had to deal with getting an IRS refund sent to a closed account - took months to sort out. For the sole proprietorship side, since you mentioned selling on eBay/Amazon, make sure to update your tax settings on those platforms so they stop sending 1099s to that business name/SSN combo. Otherwise you might get confusing tax documents next year.

Based on your situation, it sounds like you're in a really good spot! The 766 code with the 4/15 date is essentially the IRS saying "we owe you this money and plan to send it on this date." Since your education credit hasn't been added yet, that's likely what's causing the amount discrepancy you're seeing. The process usually goes: 766 codes show up first (like yours), then once all the credits and adjustments are finalized, you'll see the 846 code with your actual deposit date. The 846 is the "money's on its way" code. I've seen tons of people in your exact situation - the amount changes multiple times before that final 846 appears, especially with education credits since those take extra verification. Don't stress about the current amount showing, it's definitely going to adjust once they add your education credit. You should see that 846 code pop up within the next week or so, and then your deposit usually follows 1-3 business days after that. The fact that you already have a 766 with a date means they're actively working on your return, which is great news!

This whole thread has been incredibly educational! I'm also dealing with a 766 code situation where my education credit hasn't been processed yet, and seeing everyone's experiences really helps normalize what I'm going through. One thing I'd add for anyone in this situation - I found it helpful to screenshot my transcript each time it updates so I can track the progression. It's actually pretty interesting to see how the IRS processes different parts of your return in stages. My amounts have changed three times already, but now I understand it's just them working through each credit and adjustment systematically. For those waiting on education credits specifically - I called and was told they're running about 2-3 weeks behind on those verifications right now due to volume. So if you filed recently and claimed education credits, that extra wait time is totally normal. The 766 to 846 progression really is the key thing to watch for. Once you see that 846 with a date, you're golden! Until then, try not to stress too much about the amount fluctuations - they're just doing their job making sure everything adds up correctly.

I'm going through the exact same frustrating situation! Filed in mid-January, accepted right away, and have been stuck with a 570 code for about 3 weeks now with a processing date of 4/1/24. Expecting around $6,800 refund with EIC and CTC. The complete silence from the IRS is honestly the worst part of this whole ordeal. Like so many others here, I've been obsessively checking my transcript every Friday morning hoping to see ANY movement - a 971 code, a 571, literally anything - but it's just that same lonely 570 code week after week. What's somewhat reassuring (in a misery-loves-company way) is seeing how many of us are dealing with this identical situation. It really seems like there's some kind of systematic review happening this year, especially for returns claiming EIC and CTC. The timelines people have shared give me hope that we'll eventually see resolution, even if it takes way longer than it should. I'm planning to wait until after my processing date passes before attempting to call the IRS, but honestly those calling services like Claimyr that people mentioned are looking more tempting each day. We shouldn't have to pay extra just to find out what's happening with our own money, but at this point I'm getting desperate for answers! Stay strong everyone - hopefully we'll all start seeing some movement soon. This bureaucratic limbo is absolutely brutal! 🤞

I'm in almost the exact same situation and it's driving me absolutely crazy! Filed in late January, got accepted immediately, and have been stuck with that dreaded 570 code for about 3 weeks now. Processing date of 4/2/24 and expecting around $6,400 with EIC and CTC. The complete lack of communication from the IRS is honestly the most frustrating part. I've been checking my transcript every Friday morning like clockwork, hoping to see literally ANY change - maybe a 971 code, a 571, anything that would give me a clue about what's happening. But nope, just that same 570 code sitting there taunting me week after week. Reading through everyone's experiences here has been both comforting and terrifying. Comforting because it's clear this isn't just happening to me - there's obviously some kind of systematic review going on this year, especially for returns with EIC and CTC. But terrifying because some people are waiting 6-8 weeks with no resolution! The timeline that @Chloe Harris shared earlier gives me some hope that things will eventually move, even if it takes way longer than expected. I'm trying to be patient and wait until my processing date passes before attempting to call, but honestly those services like Claimyr and taxr.ai that people mentioned are looking more tempting each day. We really shouldn't have to pay extra just to get basic information about what's happening with our own money, but at this point I'm so desperate for answers that I might cave. Stay strong everyone - hopefully we'll all start seeing some movement soon! 🤞

Just joined this community and wow, what a relief to find this thread! Filed my MS state return on February 11th and I'm going on 13+ weeks of that perpetual "processing" status. My federal refund hit my account in 17 days but Mississippi seems to be operating in a parallel universe where time moves backwards. Called the DOR last week and was told "could be 12-18 weeks due to system modernization" - which is just a fancy way of saying they have no clue what they're doing. That "where's my refund" tool is basically digital decoration at this point, hasn't budged since March. It's honestly shocking how unprepared they were for their own security upgrades. You'd think they would test these systems BEFORE going live, but apparently that's too much to ask. Reading everyone's experiences here makes me feel less alone but also more frustrated that Mississippi can't seem to handle basic government services that other states manage just fine. Here's hoping we all see some movement before we have to start thinking about next year's taxes! 🤞

New here but definitely not new to this Mississippi refund disaster! Filed my MS state return on February 14th and I'm at 12+ weeks of that infamous "processing" status that apparently means absolutely nothing. My federal refund showed up in 18 days but Mississippi seems to be processing returns with carrier pigeons at this point 😅 Called the DOR twice and got wildly different timelines - first rep said 6-10 weeks, second one said "could be up to 16 weeks due to enhanced security measures." That where's my refund tool is basically a screensaver now, been stuck since early March. It's honestly incredible how they managed to implement fraud prevention measures that are more frustrating than actual fraud! Reading through everyone's experiences here makes me feel so much better though - at least I know it's not just me going crazy. Really hoping Mississippi figures out how to do basic government services soon because people are depending on these refunds! Solidarity to everyone still waiting 🤞