Box 12 code S - Should not be greater than the value in box 12 with code S for this W-2

[aaronmg412]

I am receiving the above error when attempting to file my Federal taxes. 

The value in Box 12 code 2 is not greater than the value in box 12 with code S on the W-2. The numbers ar equal and match each other. 

Is this a Turbotax issue or am I doing something wrong?

[Bsch4477]

This known issue should be resolved by next week. 

[Mike9241]

The issue with Box 12 in TurboTax is related to recent changes in how SEP (Simplified Employee Pension) and SIMPLE (Savings Incentive Match Plan for Employees) plan contributions are reported on tax returns. Let me explain:

1. Recent IRS Changes:

   • On January 8, 2024, the IRS released a notice describing several changes required to implement the Secure Act 2.0.
   • These changes specifically impact how SEP and SIMPLE plan contributions should be handled on tax returns.
   • The code “S” in Box 12 refers to how to handle a SIMPLE plan.
   • These last-minute IRS updates unavoidably cause delays for tax processors like TurboTax.
   • TurboTax needs time to understand the full implications of the IRS notice and then code and test the...¹.

2. Timeline and Resolution:

   • TurboTax programmers are actively working on implementing these changes.
   • While there isn’t an exact estimated date for completion, you can periodically check by editing your W-2 every 5-7 days to see if the issue has been resolved.
   • The IRS is not open for filing until January 29th, so there’s still some time to wait¹.

3. Patience and Potential Benefit:

   • Although it’s frustrating, waiting for the fix is essential.
   • Additionally, there’s current legislation in Congress that could increase the Child Tax Credit (CTC) for 2023.
   • So, this delay might ultimately be beneficial for you¹

[aaronmg412]

It has been 7 days - no changes 

Do you have any update?

Thank you!

[CatinaT1]

This has been resolved. Make sure your software has the latest update. You might also try closing TurboTax, clear your Cache and Cookies, and reopen TurboTax.

[JC3436]

Tried your solution and still get the same error

[aaronmg412]

This solution does not work. Even tried a fresh never-used-for-turbotax computer all together.

[CatinaT1]

If you are still getting an error, it would be helpful to have a TurboTax ".tax2023" file that is experiencing this issue.You can send us a “diagnostic” file that has your “numbers” but not your personal information. If you would like to do this, here are the instructions: Go to the black panel on the left side of your program and select Tax Tools.
 

1. Then select Tools below Tax Tools.
2. A window will pop up which says Tools Center.
3. On this screen, select Share my file with Agent.
4. You will see a message explaining what the diagnostic copy is. Click okay through this screen and then you will get a Token number.
5. Reply to this thread with your Token number. This will allow us to open a copy of your return without seeing any personal information.

Here are the instructions if you are using TurboTax CD/Download:
 

1. Click on Online in the top left menu of TurboTax CD/Download for Windows
2. Select 'Send Tax File to Agent'
3. Write down or send an image of your token number then place in this issue.
4. We can then review your exact scenario for a solution.
5. Please also tell us any states included in the return.

We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.

[aaronmg412]

Token # 1176486

[aaronmg412]

HIi @CatinaT1 - Any luck?

[MarilynG1]

Sign Up at this link for updates to this issue.

@aaronmg412