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Level 1
posted Jan 29, 2024 8:39:00 AM

Is anybody else having to wait to file their taxes because of the SEP and Simple plan contributions? Box 12 code S? Turbo Tax just keeps saying check back with us soon.

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2 Replies
Expert Alumni
Jan 29, 2024 8:46:43 AM

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 (within that bulletin, search for Employee Plansdescribing 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. 

 

Level 3
Feb 9, 2024 9:45:39 AM

This is still not fixed. any update @MonikaK1 ?