Per Champ @Opus 17:
"If you inherited an IRA before the rules changed in 2019, you follow different rules. Assuming you inherited this IRA from someone who was not your spouse, you had the following options.
1. Withdraw the money immediately.
2. Withdraw the money within 5 years and close the account.
3. Withdraw the money over your expected life time by making required minimum distributions (RMDs) which is a dollar amount you must withdraw based on the size of the account and your remaining life expectancy. For example, if you were age 50 in 2021, your remaining life expectancy is 34.2 years, and you must withdraw 1/34.2, or 2.92%, of your IRA balance in 2021. You can withdraw more than the required minimum, but you will pay a penalty if you withdraw less than the required minimum.
Since it's past 5 years, you made the choice to handle this as an inherited IRA over the life expectancy rule, whether you knew about it or not.
If you did not take any distribution, the penalty is 50% of what you should have taken. TurboTax will calculate this for you. You can try and waive the penalty amount by taking your distribution as soon as possible, then including a form 5329 for the penalty and a letter of explanation requesting a waiver.
If you withdrew more than your minimum for 2021, you don't have to do anything special, just report the 1099-R in Turbotax as usual.
You can calculate your required minimum using Table 1 in appendix B of IRS publication 590-B."
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