Question

Is anyone having problems with NC State Tax in regards to the Bailey Settlement Retirement Benefits

Forum|Forum|4 years ago
March 12, 2022
3 replies
0 views

I checked the box for the Bailey benefits but turbo tax still adds it to my NC state tax

TurboTax Deluxe Online

Go back to the "Income" tab and "Edit" the 1099R. After confirming the form entries there will be a follow on question for NC residents that asks if the distribution is part of the Bailey Settlement. You would need to select "Yes."

After completing the Federal Interview return to the NC state interview. Click through the initial pages and you will arrive at the page titled "Here's the income NC handles differently." The Bailey deduction should show at the top of that page with a button allowing you to edit if needed.

And, when you get to that page, do NOT leave the NC distribution amount empty. It should be the value of box 2a, (or the taxable amount of box 1 if box 2a is empty or undetermined).

Once the Bailey Settlement is selected on that page following the main forms entries, NC uses the NC distribution amount as what it subtracts from the full Federal AGI that was transferred into the NC tax form. if you leave the NC distribution amount blank or with a zero...then nothing is subtracted from NC income.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

P

PattiF

Go back to the "Income" tab and "Edit" the 1099R. After confirming the form entries there will be a follow on question for NC residents that asks if the distribution is part of the Bailey Settlement. You would need to select "Yes."

After completing the Federal Interview return to the NC state interview. Click through the initial pages and you will arrive at the page titled "Here's the income NC handles differently." The Bailey deduction should show at the top of that page with a button allowing you to edit if needed.

And, when you get to that page, do NOT leave the NC distribution amount empty. It should be the value of box 2a, (or the taxable amount of box 1 if box 2a is empty or undetermined).

Once the Bailey Settlement is selected on that page following the main forms entries, NC uses the NC distribution amount as what it subtracts from the full Federal AGI that was transferred into the NC tax form. if you leave the NC distribution amount blank or with a zero...then nothing is subtracted from NC income.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

S

sadamson2

On mine it will not let us edit, when we hit edit it goes right back out.

AmyC

Employee

Follow these steps:

Desktop version:

Delete the form
Save your return while closing the program.
Update the program
Open
Enter the information again.

Online version:

A full or corrupted cache can cause problems in TurboTax, so sometimes you need to clear your cache (that is, remove these temporary files).

For stuck information follow these steps:

Delete the form/ worksheet- if possible, see How to Delete
Log out of your return and try one or more of the following:
- Don't use Internet Explorer.
- Clear cache and cookies,
- Sign in using a different browser.
- Sign in using a different device.
Log back into your return.
- Enter the information again.