I have done this twice in the last two years. Because they are "direct rollovers" they are not taxable. But you still have to report them. There will be a check mark in one of the boxes that will indicate this "direct rollover" situation and Turbotax will ask about that and have you fill it in correctly. The amount from the rollover will still show up on your bottom line as "income". But you won't be taxed on it.
