TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

Question

Simple IRA

Forum|Forum|2 years ago
January 19, 2024
1 reply
0 views

Went to e-file and it will not let me, stating that its waiting on Simple IRA contribution guidance update from IRS. When it this supposed to happen?

TurboTax Free Edition Online

Use these links below to find out form availability.

IRS forms availability table for TurboTax individual (personal) tax products

State forms availability table for TurboTax individual (personal) tax products

IRS forms availability table for TurboTax Business

State forms availability table for TurboTax Business

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

pecbridgettAuthor

It just says they are updating how SEP an Simple IRA Contributions are reported on the tax return based on new guidance from the IRS. Check Back. Does that mean they are waiting on forms?

No, they are working through the meaning of an IRS Notice. 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.

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