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kforrester81
January 28, 2024
Question

Box 12 code

  • January 28, 2024
  • 1 reply
  • 0 views

How long before the box 12 code update is ready?

I am trying to file my taxes.

    1 reply

    M
    MinhT1
    January 28, 2024

    On January 8, 2024, the IRS released a notice 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.

     

    TurboTax is currently working on the issue. Please check back later after January 31, 2024.

     

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