The best and most up to date information we have is that the IRS is working on this situation since it was new. They want to have it available for e-file as quickly as possible. Here is what we know.
On January 8, 2024, the IRS released a notice describing many changes required to implement the Secure Act 2.0. If you try to enter Code S for Box 12 of your W-2, you may see this message: "We're updating how SEP and simple plan contributions are reported on the tax return based on new guidance from the IRS."Section 601 of the Secure Act 2.0 refers specifically to Simple and SEP Roth IRAs. Code S in box 12 defines how to handle a SIMPLE plan.
irs.gov
Internal Revenue Bulletin: 2024-02 | Internal Revenue Service
HIGHLIGHTS OF THIS ISSUE ADMINISTRATIVE ADMINISTRATIVE, EMPLOYMENT TAX, INCOME TAX, SPECIAL ANNOUNCEMENT EMPLOYEE PLANS EMPLOYEE PLANS, EXCISE TAX (edited)
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