Do you meet the exclusion requirements below? From what you say, it doesn't appear you do. If you do not qualify, you must not check the box related to Bailey Settlement Retirement Benefits.
The exclusion applies to retirement benefits received from certain defined benefit plans, such as the North Carolina Teachers' and State Employees' Retirement System, the North Carolina Local Governmental Employees' Retirement System, the North Carolina Consolidated Judicial Retirement System,
the Federal Employees' Retirement System, or the United States Civil Service Retirement System, if the retiree had five or more years of creditable service as of August 12, 1989. The exclusion also applies to retirement benefits received from the state's §401(k) and §457 plans if the retiree had contributed or contracted to contribute to the plan prior to August 12, 1989.
The exclusion does not apply to retirement benefits paid to former teachers and state employees of other states and their political subdivisions.
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