We’re updating how Sep and simple plans are reported

[Lizm]

When will this problem be corrected? Turbo tax was more then happy to collect payment and not let me efile.  Also, tax’s will not be accepted until 1/29 is hardly a relevant response.  Thanks 

[joann44]

That depends largely on the IRS, who issued the guidance only a week and a half or so ago.  You'll have to wait.  this isn't a software problem, it's a tax law problem and it will take a little time to resolve. It isn't known exactly, or it would tell you that, but there is no workaround. 

It is relevant that the IRS isn't accepting returns - that means that submitting yours sooner than that date won't help since they're not processing them anyway.  

[ee-ea]

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.