The IRS is not yet ready for this code on the W-2. Continue to check back in your TurboTax return to see when the message is clear and you can go forward. The IRS has not released a specific date as of yet.
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.
- Internal Revenue Bulletin: 2024-02 | Internal Revenue Service - Question & Answer = K5
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