Bailey Settlement for North Carolina Glitch

[jholden122]

I always use TurboTax but this year (2024) it won't allow me to enter information about my Bailey Settlement exemption. Therefore I am not able to exempt my pension from North Carolina Taxes. Any ideas on how to override? 

[SteamTrain]

I had no problems with it.  At least not in the Windows Premier Desktop product.

One thing to note, where you may be making a mistake, is that when you enter the NC state distribution amount on a follow-up page to the 1099-R forms (and you select Bailey Settlement there)  MAKE SURE there is a $$ amount in that NC Distribution field.  The amount should be the same as the taxable amount in box 2a of the 1099-R...or if box 2a is empty, or marked "Undetermined", then the amount should be the same as the Federally taxable amount  (many times, that's just the same as box 1).

That NC distribution amount is what gets subtracted form NC income due to Bailey Settlement, and if you leave it empty, or a zero, then zero gets subtracted from NC income.

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