Yes, you need to report this income on your tax return. You do that by entering the 1099-R form that you receive from the payer.
Since you received an IRA distribution during 2022, you will get a 1099-R form. You may need to wait until the first week of February for this form.
To enter it in TurboTax:
- Open your return.
- Select Federal, then Wages & Income.
- Scroll down to IRA, 401(k), Pension Plan Withdrawals (1099-R), under Retirement Plans and Social Security, select Start or Revisit to the right.
- Answer Yes to Did you get a 1099-R in 2023?
- Follow the screen instructions to enter the 1099-R form.
- Answer the rest of the questions in the section.
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