Retirement tax questions

@Beezo1951 

 

Sorry, but you probably just lost the Bailey eligibility.

 

The NC DOR page about Bailey,  says this.....

 

" .....qualifying tax-exempt Bailey benefits rolled over into another retirement plan lose their character and would not be exempt upon distributions from the other plan unless that plan is a qualifying Bailey retirement account in which the employee was vested as of August 12, 1989.  "

________________________

Yeah...unless the other Plan is also Bailey eligible....I don't think that any private Insurance plan/annuity setup is Bailey eligible,   If you are unsure, go to the NC DOR web page and find a number to call them and ask.....but I think you are out of luck.

 

https://www.ncdor.gov/taxes-forms/individual-income-tax/filing-topics/bailey-decision-concerning-fed...

 

 

 

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*