This Form 1099-R is reporting an indirect rollover, not a direct rollover. Fortunately, the result on Form 1040 lines 4a and 4b is the same. The $301 will be present on line 4a but will be excluded from line 4b with the ROLLOVER notation. If the rollover was truly a direct rollover where the funds were made payable directly to your 401(k) account (which you indicate is the case), not to you personally, the Form 1099-R provided by the bank is incorrect in that it should have code G, $0 in box 2a and box 2b Taxable amount not determined unmarked.
When entering a code-1 Form 1099-R that reports a distribution that was rolled over, you'll indicate that you moved the funds to another retirement account and that you rolled over the entire amount.
Note that because 401(k) plans do not report anything to the IRS about receipt of rollovers, there is a strong possibility that the IRS will require explanation. Had the rollover instead been the more common rollover to another traditional IRA, the receiving IRA custodian would have been required to issue a Form 5498 reporting receipt of the rollover which would satisfy the IRS that the rollover had actually been completed. IF the rollover was accomplished and reported as a direct rollover, the code G has a better chance of satisfying the IRS that the rollover was actually completed (because, by definition, a direct rollover means that the distribution was made payable directly to the receiving account).
It's not uncommon for bank personnel to incorrectly prepare distribution-request forms in a way that gets the transaction reported incorrectly on Form 1099-R. In general, banks are notoriously bad a training their personnel in regard to retirement accounts.
