I suspect that you will have to wait for TurboTax to be updated. On January 8, 2024 (i.e., just three 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. This is when you enter "S" in box 12 on your W-2.
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.
It will take time for TurboTax to understand all the ramifications of this IRS Notice and then code and test the changes. By 'test the changes", I mean not only test but also regression test to make sure that other stuff wasn't broken in the process.
Some mentioned above that "TurboTax had all year to prepare for this", and that is simply not true. The Notice - which contained dozens of tax law changes above and beyond the code S issue that has stopped returns from being filed - was released on January 8th. Of this year.
TurboTax takes pride in the accuracy of its calculations, and a slapdash approach to last minute changes won't do anyone any good.
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