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What does the code M mean in box 7 of 1099R? Does this mean it is a taxable event?
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Code M means that the distribution is a qualified plan loan offset distribution. The distribution is taxable unless you can com up with the funds and complete a rollover of some or all of the distribution. You have until the due date of your 2023 tax return, including extensions, to do that. Any amount not rolled over is taxable on your 2023 tax return.
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