Yes, if you can come up with the money by the due date or extended due date (Oct 15) to roll it into a IRA then there is NO tax or penalty whatsoever. (If you already filed then an extension is not necessary for the extended Oct 15 date to apply).
On an amended return you just delete any 1099-R already entered and enter the code 1M 1099-R and say that all of the money was rolled over.
See User dmerts's answers in this thread.
https://ttlc.intuit.com/community/retirement/discussion/on-my-1099r-i-have-a-1m-in-box-7-what-does-t...
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
