topic Re: Where do I post my Bailey’s settlement in Retirement tax questions

Where do I post my Bailey’s settlement

humbug63 — Tue, 21 Jan 2020 15:56:10 GMT

Re: Where do I post my Bailey’s settlement

DianeC958 — Tue, 21 Jan 2020 16:15:26 GMT

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.

Re: Where do I post my Bailey’s settlement

garverdl — Sat, 25 Jan 2020 21:16:38 GMT

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?

Re: Where do I post my Bailey’s settlement

DMarkM1 — Tue, 28 Jan 2020 14:36:20 GMT

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"

Re: Where do I post my Bailey’s settlement

SteamTrain — Mon, 03 Aug 2020 17:27:14 GMT

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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