I'm stuck in a loop in the review process. Both in the Federal Review and in the Final Review, it keeps taking me back to check my Box 12 code entry on my W-2.

[cory-scoffield]

My W-2 was imported from Quickbooks. Turbo Tax keeps taking me back to it to review the Box 12 code. It gives me a drop down list of several different codes to choose from, as well as a copy of my W-2 that it imported.  It also says "We're updating how SEP and SIMPLE plan contributions are reported on the tax return based on new guidance from the IRS. Please check back with us soon."

After selecting the code that's on my W-2 (S-Contributions to 408(p) SIMPLE plan), I click continue and it either still shows it "Needs Review" on the Federal Review, or tells me to "Fix Federal Return" on the Final Review. Am I not able to complete my returns until they finish updating?

[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.

[Shells2024]

I am stuck in the same loop and it is past January 29. How do I get past the box 12 loop?

[AbrahamT]

Give it a little more time. Although, Jan 29 is the IRS opening filing date, it may take a couple more days till Turbotax make the changes in their system.