No, a rollover from a pre-tax retirement plan to a traditional IRA is not taxable.
A rollover can also be from an after-tax retirement account to Roth IRA (also not taxable).
A conversion from a pre-tax retirement account to Roth IRA would be taxable.
If the code in box 7 doesn't indicate that this was a direct rollover then you can indicate in the follow-up questions that it was a rollover:
- Login to your TurboTax Account
- Click on "Search" on the top right and type “1099-R”
- Click on “Jump to 1099-R” and enter your 1099-R
- Continue "Tell us if you moved the money through a rollover or conversion" and select "I rolled over some or all of it to an IRA or other retirement account within the time limits (normally 60 days)"
- Continue answering the questions.
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