Where do I post my Bailey’s settlement

[DianeC958]

If you received a 1099-R for this settlement then the information on that form belongs in the retirement section of Turbo Tax.  This link explains where to put the 1099-R information into Turbo Tax.

Here is a link to more information about the settlement and how to report for North Carolina state taxes.

[garverdl]

I am eligable for Baikley Settlement deduction in NC. The 2019 tubutax program indicated that a question concerning the deduction would be coming, but it never did. The state return D-400 Sch S line 10 for the Bailey settlement come out as $0.  Where do I enter it in the program? 

[DMarkM1]

The Bailey Settlement information is all in the Federal Interview when entering 1099-R information.      

1.  Click on Federal in the left hand menu

2.  Click"Income & Expenses" at the top of the page

3.  Scroll down the to the "IRA, 401K, pensions" section

4.  Click on Edit/Add

5.  Find the applicable 1099-R and Edit

6.  Be sure "NC" is in the "state ID box"

7.  Be sure to click the box for Bailey Settlement when asked and complete the applicable information

In addition be sure in the "My info" section you have indicated ''former military".

1.  Click "My Info" in left hand menu

2.  Edit your information

3.  Answer "Yes" to "Military" question

4.  Select "former Military"

[SteamTrain]

Also, be careful in the followup page where you enter the 1099-R form...the NC distribution amount is not a zero for a Bailey settlement 1099-R or CSA-1099-R.  If you enter a zero for the NC Distribution Amount, then zero will be deducted from NC income.

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