No, you should report the item as it is shown on the form. Any interest included in the gross distribution from this type of account is a part of the ordinary income.
If some of the distribution is a return of your principal, this is usually accounted for in Box 2 but if it is not, you will have the option to enter information to adjust the taxable amount in the follow-up questions in TurboTax that will appear after you have completed all of your Form 1099-R entries.
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