New in 2025 – Code Y on 1099-R box 7 for QCD’s

https://www.irs.gov/pub/irs-dft/i1099...

On April 15, 2025 the IRS issued draft instructions for the 2025 version of form 1099-R with a new box 7 code of "Y" to indicate the distribution is a qualified charitable distribution (QCD).

A good addition in my opinion.

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