Getting error message: we are updating how sep and simple plan contributions are reported on the tax return based on new guidance from the irs check back later

[emarneson]

Getting error message in turbo tax re:  how sep and simple plan contributions are reported.  Is this still be worked on by Turbo Tax?

[MonikaK1]

We've been advised that some of the users affected by this issue have been able to file this week. You may wish to try editing your W-2 again now to check.

TurboTax programmers have been 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 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.  

Thank you for your patience while TurboTax has been working to understand all the ramifications of this IRS Notice then code and test the changes. 

[cpro989]

Still waiting. Still getting Error. Date on Error now says 'check back AFTER 02/07'. Not a Roth, just SIMPLE IRA.

Have tried Updating. Have tried 'remove cents from S amount'.  Have tried removing W2 & re-adding.  Have restarted TT app several times. Still no fix (02/07). 

I have seen notes on other posts, that TT tax files are updated on Wed/Thur nights. So, maybe it'll be fixed for Friday morning e-filing? (02/09)

[PatriciaV]

TurboTax programmers are currently implementing some recent IRS changes for reporting SEP and SIMPLE plan contributions. Although 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.