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No, this isn't taxable income.
If your Form 1099-R has code G in box 7 follow these steps:
If your Form 1099-R has a different code in box 7:
Please be aware that the whole distribution will show as income in TurboTax on the summary screen which shows gross income, not taxable income. To verify that the entry is correct please look at form 1040 line 4b (taxable amount),it should show $0 and state ROLLOVER next to it.
To preview Form 1040:
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