Yes, it needs to be listed as income on your tax return if you received a 1099-R for the amount.
If it is a Roth IRA, any amount you contributed to the Roth IRA will not be taxed.
Depending on how long you had the Roth IRA account there may be a 10% penalty for early withdrawal. There also may be tax due if earnings were withdrawn.
The information needs to be reported on your return to make sure there is not a penalty due on the distribution or tax on the earnings.
To enter your 1099- R in TurboTax Online or Desktop (you may need to upgrade to report these distributions), please follow these steps:
- Once you are in your tax return, click on the “Federal Taxes”
- Next click on “Wages and Income”
- Next click on "jump to full list" or “I’ll choose what I work on”
- Scroll down the screen until to come to the section “Retirement Plans and Social Security”
- Choose "show more", then IRA, 401(k),Pension Plans (1099-R) and follow the onscreen instructions
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