Yes, both Forms 1099-R must be reported.
To help with KarenJ2's questions:
What is the code in box 7 of each of these Forms 1099-R?
Does the Form 1099-R showing $304,874.48 in box 1 have a nonzero amount in box 2 or any amount in box 5? Did you mistakenly mark the IRA/SEP/SIMPLE box on TurboTax's form when you entered this Form 1099-R?