Yes, the 1099R needs to be shown and accounted for on your tax return.
The tax impact will be $0, if the Traditional 401K was rolled to a Traditional IRA.
If the money was rolled to a Roth IRA it is taxable.
Double check this to see what it was rolled over to. Also, make sure the code in box 7 is entered correctly.
After the 1099R is entered, TurboTax will then ask you questions regarding it, to determine the correct tax on it.
It will go under:
Wages and Income
Retirement Plan and Social Security
IRA, 401K, Pension Plans (1099R) you will click add or update.
Make sure to carefully answer the questions following the 1099R entry. Especially as to what type of retirement account it was rolled over to.
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