I'm doing my taxes, and it says I need to figure out my code for lines 12a through 12d on my W2 form... but the layout and answers are confusing and it's A through Z and AA through ZZ again. It's too much to go through.
A TurboTax employee posted this:
. On January 8, 2024 (i.e., about two weeks ago) the IRS released a notice describing many changes required to implement the Secure Act 2.0 - I believe that this is what "We're updating how SEP and simple plan contributions are reported on the tax return based on new guidance from the IRS." is referring to.
Indeed, Section 601 of the Secure Act 2.0 refers specifically to Simple and SEP Roth IRAs. Code S in box 12 refers to how to handle a SIMPLE plan.
These last minute IRS (and law) changes inescapably cause delays on the part of TurboTax and other tax processors.
It will take time for TurboTax to understand all the ramifications of this IRS Notice and then code and test the changes. The IRS is not open for filing until January 29th so you have some time to wait.
You need to look at the codes on the drop down menu under the line 12 entry in the W-2 input screen and choose the letter code that matches the one listed on your W-2 form. Then, enter the amount listed for that code. If you have a code listed on your W-2 form that is not in the TurboTax drop down menu, ask you employer what it represents and choose the letter code in TurboTax that most closely resembles the description of it.
@msmeghanelaina-g Are you entering from the W2? If not wait for it to come or ask your employer. The Box 12 should be be on your W2. Ignore the little letters like 12a, 12b, 12c, 12d. Those are just the box numbers. Do you have amounts in any of the box 12? It doesn't have a code (capital letter) by it? You shouldn't need to try to figure it out yourself.