I am working with a 401-K plan that had to be rolled over to another investment firm. A 1099-R was issued for the entire amount of the 401-K from the previous investment firm. Box 7 was coded with "G" (Direct Rollover and Rollover contribution). Went I enter all the correct information into Turbo Tax, it shows that the entire amount of the 401-K as income. Is this correct? Even though it was transferred to a new holding firm?
