I receive Bailey Settlement from NC. I transferred my retirement income from a 403B to an Insurance investment firm which paid more interest and long term benefits. I now draw monthly income from that insurance firm as part of my retirement. I receive a 1099R each year. DO THESE FUNDS QUALIFY AS A BAILEY BENEFIT DEDUCTION or have I just lost that option because it comes from an insurance company.
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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. "
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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.
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