Code Y in Box 7 of 1099R is optional for companies to use for 2025 when issuing 1099s. My brokerage decided not to use code Y and used code 7 even though I had QCDs. TurboTax needs a work around for this issue. If you use code 7 you don't have the ability to enter the QCD amount and all distributions are taxable.
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If the Form 1099-R has the box IRA/SEP/SIMPLE checked and box 7 has a code of 7 and you are age 70 1/2 or older, then after you complete entry of the Form 1099-R you will land on this follow up screen.
Do any of these situations apply to you? check the box labeled I transferred all or part of this money directly to charity and Continue. On another follow up screen How much did Payer transfer directly to charity? you can enter the amount give to the charity.
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