Yes, you should report this and you should have received a Form 1099-R from the original holder of the account. You will need to contact them and get the 1099-R.
DavidD66 and dmertz are correct that in some cases, you would not get a 1099-R, but if you received the distribution and kept it outside an IRA, for a period of time, a 1099-R is required.
When you get your 1099-R, here is how to report it:
- Select Federal from the left side menu.
- Select Wages & Income.
- Expand the list and scroll down to Retirement Plans and Social Security.
- Expand the section and click Start to the right of IRA, 401(k), Pension Plan Withdrawals (1099-R).
- Follow the steps to import or enter your 1099-R.
- If you have a "1" or "2" in box 7, you will need to watch for the screen titled, "What did you do with the money from (your broker's name)?" Pick the first answer, "I moved the money to another retirement account."
- Pick the first answer to the next question, "I rolled over all of this money to an IRA or other retirement account."
- Continue through the end of this section.
That will show the distribution on your return, but it will not be added to your taxable income.
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