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Get your taxes done using TurboTax
Do you mean it's an ordinary IRA? QCDs are not permitted to be made from a SIMPLE IRA. (A SIMPLE IRA is an IRA associated with an employer-provided SIMPLE-IRA plan).
QCDs can only be made from from a traditional IRA (other than an SIMPLE IRA or an ongoing SEP IRA) or, in some cases, from a Roth IRA. If a code-7 Form 1099-R does not have the IRA/SEP/SIMPLE box marked, the distribution is not from an IRA and a QCD is not permitted to be made from that account.
If TurboTax is saying that you took out a distribution early, it seems that the code in box 7 must be including code 1, indicating that you were under age 59½ at the time of the distribution.
March 31, 2024
3:08 PM