Re: 1099-R Code Y

jerry

The IRS has introduced a distribution Code Y to indicate a QCD (and then in October made it non-mandatory, but still available).

Nevertheless, I don't see it in the Screen 13.1 dropdown for box 7.

Does anyone know if Lacerte plans to add this? And will it be a primary code (like Y) or secondary code (like 7Y)?

PhoebeRoberts

Lacerte doesn't have any of the new law stuff programmed in yet.

To report a QCD use code Y with:

Code 7 for a QCD from a non-inherited (normal distribution) IRA,
Code 4 for a QCD from an inherited (death distribution) IRA, or
Code K for a QCD reporting distributions of traditional IRA assets not having a readily available FMV that are either from non-inherited or inherited IRAs.