@TaxNoob18 You will need to report the distribution on your tax return. You report it as an investment sale. Here are the steps:
In the Federal section of TurboTax:
1. Income and expenses
2. Investment Income
3. Stocks, Cryptocurrency, Mutual Funds, Other (1099-B)
4. Choose the Other option on what type of investment was sold
5. Type in the name of the company when TurboTax requests a name
6. Choose Other for the type of investment sold and answer the questions
7. Enter the Proceeds you received equal to the gain you want to report
8. Leave the Cost Basis blank
@TaxNoob18
[Edited 1/19/22 at 4:05 PST]
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