Bailey Settlement is used...IF...if the 1099-R in question, came from:
1) an NC state govt/NC local Govt,/ NC teachers retirement system.
or
2) a Military, or Federal Government Pension
AND...for both 1 and 2, you must have been part of that system 5 years before 12 Aug 1989 (Corrected).
Then that distribution is not taxed by NC.
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IF it's from anywhere else, IRA, 401k, company pension, or it doesn't meet that date requirement ...then it's None of the above...
(parts of some rare TSP distributions may qualify...but start date details are critical )
(RR &SS benefits go elsewhere.....not in this form...and Faulkenbury shouldn't exist anymore)
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https://www.ncdor.gov/taxes-forms/individual-income-tax/bailey-decision-concerning-federal-state-and...
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
