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TurboTax programmers are currently implementing some recent IRS changes for reporting SEP and SIMPLE plan contributions. While there isn't an estimated date when the changes will be done, you can test this by editing your W-2 every 5-7 days to check on the status.
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.
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. Note that the IRS is not open for e-filing until January 29th.
I was finally able to transmit our returns this morning. I received an automatic update once I opened the program, which then took me back to the filing section. I clicked through all the pages and, holding my breath, I clicked on the transmit button. Voila, the return was on its way. Just for kicks I called and spoke to a customer service rep yesterday afternoon on the off chance that there was glitch unique to my situation. There wasn't, and the rep insisted the SEP issue was all on the IRS's end and there was nothing that could be done about it. Be that as it may, I think TT's messaging could have clearer in stating that the IRS itself was completely responsible for the delay. Instead, the messaging left me with the impression that the programmers were still trying to figure out how to reconfigure TT based on the changes. I think the company left itself open to more criticism than it otherwise would have received. I know I would have been much less angry with TT than the IRS (which I'm always angry with anyway, considering how they rob my wallet every years). All that said, I'm likely to "return" to TT next year. Pun intended.
I'm having the same issue currently. Does anyone have a solution?
A TurboTax employee posted this:
. On January 8, 2024 (i.e., just 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.
Yep, got this same issue. Just spent a few hours finishing up my returns. pretty frustrating running into this issue as I'm filing. Any help would be appreciated.
I'm having the same issue , any update?
I actually just spoke to one of the "tax experts" about this. They are currently anticipating everything being ready on their end the first week in February for those with SEP or Simply Roth IRA's. I believe another commenter already disclosed the reason for the notification, I just want to provide the given timeline I received. Additionally, it would be best to wait as there is current legislation in Congress that would increase CTC for 2023. So, in all, this delay could be beneficial.
I agree, it is very frustrating.
Got the same message. I called support and the person I talked to had no clue. She had me reenter all my information and then told me I had to file manually. I told her that was not going to happen and I would wait for the fix.
TurboTax programmers are currently implementing some recent IRS changes for reporting SEP and SIMPLE plan contributions. While there isn't an estimated date when the changes will be done, you can test this by editing your W-2 every 5-7 days to check on the status.
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.
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. Note that the IRS is not open for e-filing until January 29th.
Maybe TurboTax shouldn't have taken our money and said they could file for us when they couldn't. That's deceptive, IMO.
They need to get this fixed NOW.
Completely agree!! How was this step not caught before allowing us to pay and go through the filing process??
I completely understand that last minute IRS changes require system updates. What I don't understand is why TurboTax takes payment from the customer for filing and only then informs them there is a problem and that they can't file.
same thing any ideas how to file or fix?
You will be able to file and will not be charged the higher Feb or March costs when you do. You paid a lower price by paying now rather than later. The IRS does not even start accepting tax return until next week. You will be able to file once all the forms and tax legislation is properly updated in the system. Check back next week. If you pay in January, you are eligible for discounts that will not be available in Feb or March, so by paying now, you have locked in that price no matter when you hit the TRANSMIT RETURNS button. @david tillett
I do not agree with the fact that Turbo Tax is taking the money from our bank about BEFORE notifying us about this issue. Especially when we can not file until you figure it out. It should have flagged the issue as soon as we filled out our W-2.
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