V70 Turbo - $480 labor $497 parts. Did I get cheated?

[nsjames]

the turbo and the timing belt have nothing to do with each other.

For reference a new CHRA for a TD04 is about $350 for a non chinese copy.

So it's possible he rebuilt your turbo with a new rotating assembly, which is fine, because it's not like the cast housing goes bad.
It's also possible he just popped it open and replaced the seals.

The labor isn't out of line.

Have you actually looked at your "new" turbo? It should be shiny yet, as opposed to surface rusted like an old unit.