tax question...rollover 401k directly to new 401k

[monica92603]

We got a 1099-R for H's old 401k.  He HAD to roll it over last year to a new 401k b/c his company was bought out.  He never had any contact w/ the $$, never received a check, it was sent straight to the new account.  I'm confused by this b/c it says Gross Distribition $XXX,XXX, and the total distribution box is checked.  It's leading me to believe we now owe taxes on the $$. 
Does anyone know what I should do?  Will we have to pay tax on it b/c if so we are so F'd.  Thanks.

[mmmomof2]

I believe that it's a 1099-R indicates it's a rollover. You report it on your 1040, but there's a way to indicate that it was rolledover. And no, you won't owe taxes on it.

[cjeanette]

They send that any time money goes out regardless. It should still be coded as a rollover or a transfer.

What does box 7 say?

[monica92603]

Thanks for the quick answers and easing my mind!  We use turbo tax to do our taxes so you're saying it should explain how to report it so it won't be taxed? 

[monica92603]

Oops!  Box 7 says code G.  I didn't see that.  Code G is for direct rollover to a qualified plan.
THANKS!!!!