covered-call option premium is taxed as ordinary income, not qualified dividends.
JEPQ is best placed in a Roth or traditional IRA because most of its distribution stream is option premium taxed as ordinary income.
JEPQ overlays covered calls to generate option premium income, and that portion is taxed at the marginal ordinary rate. Holding it in a Roth eliminates that tax, and a traditional IRA defers it until withdrawals.