Question

Box 12 code S --Should not be greater than the value in box 12 with code S for this W-2.However both values are the same. What do I need to fix?

Forum|Forum|2 years ago
February 7, 2024
4 replies
0 views

The amounts were entered automatically when the W-2 was imported.

TurboTax Deluxe Online

B

Bsch4477

Employee

Programmers are working to fix this issue. Check back in a week.

CatinaT1

TurboTax programmers are currently 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 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.

Please be patient while TurboTax works to understand all the ramifications of this IRS Notice then code and test the changes.

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Same issue.

Here are some steps that may help you move forward to remove the error.

Remove the cents on the screen Tell us more about your retirement contributions (this should remove the error message)
Also, if you remove the cents in the box on the screen Check this Entry, the error message goes away. The same result occurs if the cents are removed on the line Box 12 S: on the Check this Entry screen.
Finally, the error is removed when a re-type of the exact number, including the cents, in either of those places.

Round numbers can be used and it will not affect your return. This was tested and has resolved the issue.

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J

JOEDPOLLOCK

Hopefully it gets fixed soon. I can't e-file until it's corrected.

D

DianeW777

Here are some steps that may help you move forward to remove the error.

Remove the cents on the screen Tell us more about your retirement contributions (this should remove the error message)
Also, if you remove the cents in the box on the screen Check this Entry, the error message goes away. The same result occurs if the cents are removed on the line Box 12 S: on the Check this Entry screen.

Finally, the error is removed when a re-type of the exact number, including the cents, in either of those places.

Best Advice: Round numbers can be used and it will not affect your return. This was tested and has resolved the issue.

@JOEDPOLLOCK

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"