No, you DO need to report the amount of the rollover from the 401(k). For direct rollovers, the 1099-R will have a code that tells TurboTax automatically how to treat the "income" and it will not be included in your taxable income.
If the rollover was not direct, you will need to follow the prompts in the interview to be sure that TurboTax knows the funds were rolled over.
@eacrowe
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