To clarify what others have said: think of the 846 date like shipping a package, and the processing date like when the paperwork for that shipment is completed. The package (your refund) is already on its way as of the 846 date, even though the shipper (IRS) is still finishing their internal paperwork until the processing date. Did you file with direct deposit or are you expecting a paper check? That makes a big difference in timing.

I've been through this exact same confusion! Had my 846 date show 2/15/24 with processing date of 3/2/24 and was pulling my hair out trying to understand what was happening. The good news is that in my case, the money showed up in my account exactly 3 business days after the 846 date, even though the processing date was still weeks away. From what I've learned, the 846 date is basically when the IRS cuts the check or initiates the direct deposit. The processing date is just when they finish all their internal bookkeeping and close your file completely. It's like ordering something online - the item ships on one date (846) but the order isn't marked "complete" in their system until later (processing date). Since your 846 date was 2/22/24, I'd definitely check your bank account and maybe call your bank to see if there's a pending deposit. Sometimes it takes a few days to show up depending on your bank's processing times. If it's been more than a week since 2/22 and still nothing, that's when I'd start making some calls to figure out what's going on.

My parents set up trusts for all us kids and I just went through this exact situation last year! My biggest piece of advice: GET EVERYTHING IN WRITING from the trustee about your options. My trustee also initially said everything needed to be liquidated, but when I pushed back (politely but firmly), suddenly there were other options available. Also, don't underestimate the psychological impact of suddenly having access to $250k. I'd strongly recommend working with a fee-only financial planner before making any decisions. The $1-2k you might spend on professional help could save you tens of thousands in taxes and poor investment choices.

I went through a similar trust situation two years ago and learned some hard lessons that might help you! First, absolutely get a copy of your trust document and read through the distribution provisions carefully - many trustees don't explain all your options upfront. The key question is whether your trust allows "in-kind" distributions. If it does, you can potentially receive the actual investments rather than cash, which avoids triggering capital gains within the trust. This saved me about $8,000 in my situation. Also, don't be afraid to ask your trustee pointed questions about WHY they're choosing liquidation over other options. Sometimes they default to the easiest administrative path rather than what's best for you tax-wise. Remember, they have a fiduciary duty to act in YOUR best interest, not their convenience. I'd definitely recommend getting your own tax professional involved - even just a consultation can help you understand your rights and options. The trustee works for the trust, not specifically for you, so having independent advice was invaluable for me. One more thing: if you don't need the money immediately, ask about partial distributions over time rather than a lump sum. This can sometimes provide more tax flexibility depending on your situation.

Something else to consider - if the interest is in your child's name, you might want to double check if you even need to include it on your return. I believe if it's under a certain amount and your child is young enough, you could file a separate return for them instead.

Just wanted to add that for $127 of interest income, you're looking at a very small additional tax liability - probably around $15-30 depending on your tax bracket. Don't stress too much about this! One thing I'd recommend is double-checking your math before filing the superseded return. Make sure you're including the interest on the correct line of Form 1040 (it goes on Schedule B if your total interest exceeds $1,500, otherwise directly on Form 1040). Also, since this is your son's college savings account, make sure you understand whether it's a 529 plan or just a regular savings account. If it's a 529 plan, the earnings might not be taxable at all if used for qualified education expenses. The $127 you mentioned - is that actually taxable interest or could it be 529 earnings that aren't subject to tax? Worth clarifying this before you go through the trouble of filing a superseded return, especially since the amount is relatively small.

Be extremely careful with one-person religious orgs. My friend tried this and got audited within 18 months. The IRS was especially concerned about commingling of personal/org funds and private benefit. They disallowed deductions for his donors retroactively which caused a huge mess! Even small religious orgs need proper governance. At minimum: - Separate bank account exclusively for the organization - Clear documentation of all religious services/activities - Written policies about how funds are used - Some kind of board oversight (even if limited) - No personal use of organization resources

As someone who works with nonprofit compliance, I want to emphasize a crucial point that hasn't been fully addressed: even if you technically can start as a single-person religious organization, doing so creates significant ongoing compliance risks that could jeopardize your tax-exempt status later. The IRS has specific "intermediate sanctions" rules that can impose excise taxes on excess benefit transactions in religious organizations. With only one person in control, it's much harder to demonstrate that compensation, expense reimbursements, or facility use decisions meet the "reasonable and not excessive" standards. You'll need documented comparability data for any payments to yourself. Additionally, consider that Tennessee has its own charitable solicitation registration requirements if you plan to fundraise. While religious organizations have some exemptions, you'll still need to comply with state transparency requirements about how donations are used. My strong recommendation: start with a simple 3-person board structure from day one. You can maintain operational control while having the governance framework the IRS expects. It's much easier to establish proper procedures initially than to restructure later if problems arise.

Don't forget that S-Corp donations pass through to shareholders! You don't get a direct corporate deduction like C-Corps do. The charitable contribution deduction flows through to your personal tax return (and other shareholders if applicable) via Schedule K-1. This means the deduction is subject to personal limitations, not corporate ones. Worth checking with your tax advisor to make sure you understand how this impacts your personal tax situation.

One thing I'd add from my experience working with inventory donations - make sure you photograph everything before donating! The IRS can ask for evidence of the condition and quantity of donated items, especially for larger donations. I learned this the hard way when I got audited and had to scramble to recreate documentation. Also, consider timing your donations strategically. If you're donating items in multiple batches throughout the year, keep detailed records of market conditions at each donation date. FMV can fluctuate, and you want to be able to justify your valuation method consistently. For food items specifically, check if any qualify as "apparently wholesome food" under the Bill Emerson Good Samaritan Food Donation Act - this can provide additional liability protection when donating. Most packaged goods from Amazon inventory would likely qualify, but it's worth confirming with the receiving organization.