Is 403b rollover to traditional IRA considered as income

[lundquis]

I took 403b rollover to my traditional IRA account and I saw it was reported as income, though TurboTax didn't add tax on it.  Is it considered as income? 

[VolvoGirl]

What code is in box 7 on the 1099R?  It shouldn't be taxable and say Rollover by 1040 line 5b.  If you are looking at a summary screen or review screen those show the full amount as income and lump a lot of stuff together. You need to check the actual 1040 form and make sure it's right.

[lundquis]

Box 7 in 1099-R form is "G".  It looks correct but I am just wondering if it is considered as "Income" - non-taxable income - since TurboTax added this amount to my total income but didn't tax it.

[dmertz]

It is income, but nontaxable income.  It must be included on Form 1040 line 5a but will be excluded from the taxable amount on line 5b.

[lundquis]

Thank you! It is good to know. I was confused - I saw Turbotax listed it as "Pensions - nontaxable"  income - it appeared to me that the rollover amount will be counted as "income" twice - when it is withdrawn as a distribution other than rollover, it will be counted as "income" again -but would be "Pensions -taxable" (I guess).