The code M in box 7 of this 2019 Form 1099-R indicates that the offset distribution that satisfied the loan occurred in 2019 and that you have until the due date of your 2019 tax return, including extensions, to come up with the money to roll over some or all of this distribution and continue to defer this income, avoiding income tax and avoiding the 10% early-distribution penalty indicated by the code 1 also present in box 7. Any portion not rolled over will remain a taxable distribution subject to ordinary income tax and the 10% early-distribution penalty.
