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On waynes w-2, the box 3 is capital gain and the box 4 is federal tax withheld. no statw nc vested as of 8/12/1989

 
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On waynes w-2, the box 3 is capital gain and the box 4 is federal tax withheld. no statw nc vested as of 8/12/1989

1)   That is NOT a W-2.   IF you are in the W-2 area, get out of there and delete any W-2 you might have started for that.

 

2)  That is a 1099-R and is entered in the retirement income area as a 1099-R form......

........now.....if the pension was credited with 5 years of service by 12 Aug 1989, then,  on one of the pages that follows the main form , you need to indicate that it is eligible for the "Bailey Settlement ".

.

......AND...on the same page, the NC distribution amount is equal to box 2a of the 1099-R  (or teh Federally-taxable amount of box 1 if box 2a is empty, or "Unknown").... that value must be entered on the followup page so that the NC tax forms know how much $$ to remove from NC income.

___________________________________

 

1099R_NorCar_2014.png

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

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1 Reply

On waynes w-2, the box 3 is capital gain and the box 4 is federal tax withheld. no statw nc vested as of 8/12/1989

1)   That is NOT a W-2.   IF you are in the W-2 area, get out of there and delete any W-2 you might have started for that.

 

2)  That is a 1099-R and is entered in the retirement income area as a 1099-R form......

........now.....if the pension was credited with 5 years of service by 12 Aug 1989, then,  on one of the pages that follows the main form , you need to indicate that it is eligible for the "Bailey Settlement ".

.

......AND...on the same page, the NC distribution amount is equal to box 2a of the 1099-R  (or teh Federally-taxable amount of box 1 if box 2a is empty, or "Unknown").... that value must be entered on the followup page so that the NC tax forms know how much $$ to remove from NC income.

___________________________________

 

1099R_NorCar_2014.png

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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