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TeresaM · ‎April 6, 2023

A Form 1099-R Box 7 code M is for a Qualified plan loan offset.

The IRS says:
A plan loan offset occurs when a participant's account balance (or accrued benefit) is reduced to pay a defaulted loan. This may occur when the terms governing a plan loan require that the loan be repaid immediately as a result of certain events, such as an employee's termination. A Qualified Plan Loan Offset (QPLO) is a type of plan loan offset that meets certain requirements.

Essentially, this is a special kind of rollover. Enter your Form 1099-R and there are a few screens of questions. Watch for the screen Tell us if you moved the money through a rollover or conversion and select where the money went within 60 days of the distribution.

then

and you should see

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