How long is this going to take updating simple plan contributions?

[pecbridgett]

New IRS guidance.

[SteamTrain]

Unknown. 

 Software updates are "usually" implemented on Wed or Thurs nights...so check back each Friday.

The IRS isn't officially starting until the week of 29 Jan...(perhaps a very...very few test returns before that)

[pecbridgett]

Yes they have always let me e-file but never actually send it to IRS until the 29th. I was just wondering about the Simple IRA Contributions. It just states there is something  wrong with my federal return and when I click on fix it just tells me they are waiting on Simple IRA guidance from the IRS. I have looked into it on Turbo and there is nothing noted about it. H & R block states it on their page that new forms will be available for Simple IRA/SEP on 2/2/24. I figured it would be the same. Thank you for responding.

[ALYule]

Yes, I am trying to wrap up my taxes as well and ran into this same problem and didn't know what to do and couldn't find anything online either.  I was getting frustrated because I would like to file ASAP.  Thank you for the information.  Hopefully it will be SOON!!!

[BillM223]

I suspect that you will have to wait for TurboTax to be updated. 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.

NOTE: Once you e-file with TurboTax, if you discover there is something you need to add or change on your return, you can't get it back to do so.

Since the IRS is not accepting e-files until January 29 (except for a few test files as SteamTrain noted), waiting a few days to file your return can be of benefit to you.

[tiffaroorae]

Just curious how that is "beneficial"? 

Timing of filing matters even if IRS isn't accepting returns until 1/29 - the line is forming.

If we have to wait until mid-February to file, any refund wont be received until April. 

I ALWAYS file before the deadline as do millions and they are first to get returns...

[BillM223]

The benefit is what I said: "NOTE: Once you e-file with TurboTax, if you discover there is something you need to add or change on your return, you can't get it back to do so." We get dozens of posts every year from people who have e-filed and then get another tax form or remember something they didn't do, and they want to know how to change or amend their returns. 

The fact is, once they have submitted the return to TurboTax, they can't get the return back to change it.

It has not been my experience that being late in the queue delays your refund by weeks, by days maybe. The IRS's process is so automated that the initial queue will be processed in days, not weeks.

Most taxpayers whose refunds are delayed usually are filing certain credits like Child Tax Credit or Earned Income Credit whose processing is mandated by Congress to be slow, or have had previous difficulties with the IRS, so the IRS is double checking the return.

@tiffaroorae 

[EricH4]

I would also like an update on when TurboTax will update the software. This error is also delaying my filing.

[DawnC]

That section is currently being updated in TurboTax.  On January 8, 2024, the IRS released a notice describing many changes required to implement the Secure Act 2.0.  Section 601 of the Secure Act 2.0 refers specifically to Simple and SEP Roth IRAs.     Check back later and remember, the IRS does not start accepting returns until Jan 29.   @EricH4 

The following message is normal to see: 

 "We're updating how SEP and simple plan contributions are reported on the tax return based on new guidance from the IRS."

[EricH4]

Is there any estimate on when TurboTax will make the update? Given that the 29th is this Monday, I'm not mollified that there's a delay.

[eilatan88]

Any updates on this? I tried filing today and am still getting same error (1/31/2024)

[BillM223]

I am told that it has been resolved. Please try to file again and if you have a problem, please come back and tell us.

[cpro989]

Still waiting. Still getting Error. Date on Error now says 'check back AFTER 02/07'

[PatriciaV]

TurboTax programmers are currently implementing some recent IRS changes for reporting SEP and SIMPLE plan contributions. The estimated date of release is February 7, 2024. We recommend waiting until the day after, then updating TurboTax (if using Desktop), and run Review again.