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 Yes, you need to report your cash liquidation distribution as a sale of stock if it is more than your initial investment in the stock. 
 
Liquidation distributions, reported on Form 1099-DIV, are distributed when a corporation in which you own stock is going through a partial or complete liquidation. The amount of the liquidation reduces your basis in the stock. 
 
So when you dispose of the stock, your basis for figuring gain or loss is reduced by the amount in this box. It will result in a larger gain or a smaller loss when you dispose of the stock.
 
However, if the basis of your stock is already zero, or is less than the amount shown in this box, the amount is taxable and you need to report the amount that exceeds the basis in your stock as either a long-term or a short-term capital gain.
 
If this liquidation is a final distribution from the company, you need to report a sale of the stock on Schedule D.
 
This is how to do that in TurboTax:

1. Open your return and select Federal on the left side menu.
2. Select Wages & Income.
3. Scroll down, or expand the list and find Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto), expand the section and click Start or Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B).
4. Scroll down and select + Add investments.
5. Click Continue.
6. Select Enter a different way, at the bottom.
7. Select Stocks, Bonds, Mutual Funds (options, index funds, ETFs).
8. Click Continue.
9. Enter the name of the stock or broker, click Continue.
10. Answer the questions about the stock.
11. On the screen Now, choose how to enter your sales, select One by one, click Continue twice.
12. For the first dropdown select Short-term did not receive 1099-B form (owned less than one year) or  Long-term did not receive 1099-B form (owned one year or longer).
13. For type of investment, select Stock.
14. For Box 1a - Description, enter Liquidation distribution.
15. Enter the date you acquired the stock or Various and the date of the liquidation (enter 12/31/22, if no date was provide for the liquidation). 
16. For Box 1d - Proceeds enter the amount of the liquidation distribution from box 9.
17. For Box 1e - Cost or other basis enter your basis.
18. Click Continue, then None of these apply and Continue twice.
     
    The excess of the distribution over your basis will show as a gain on Schedule D.