Retirement tax questions

TurboTax programmers are currently implementing some recent IRS changes for reporting SEP and SIMPLE plan contributions. While there isn't a final date available when the changes will be done, you can test this by editing your W-2 every few days to check on the status. 

On January 8, 2024, the IRS released a notice (within that bulletin, search for Employee Plans) 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. 

These last-minute IRS (and law) changes often cause implementation delays for TurboTax and other tax processors.  

Please be patient while TurboTax works to understand all the ramifications of this IRS Notice then code and test the changes. 

If you already filed, and need to amend your return, see this tool for information about the availability of forms in TurboTax. As of now, Form 1040X for amended returns is projected to become available on February 14, 2024, subject to change.

See here for more information on preparing an amended return with TurboTax.

There are times when you should amend your return and times when you shouldn't. Here are some common situations that call for an amendment:

• You realized you missed out on claiming a tax deduction or credit.
• You accidentally claimed the wrong tax filing status.
• You need to add or remove a dependent.
• You forgot to claim taxable income on your tax return.
• You realize you claimed an expense, deduction, or credit that you weren't eligible to claim.

See this article for more information on filing an amended return.

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