Attorney Russell Yankwit said Baldwin is "happy that he's not going to jail," and has five years to pay back the money. Yankwit said if Baldwin pays back the debt within one year, the case will be discharged.
Baldwin hopes to pay back the money as quickly as possible, but sought a five-year payback plan because his religious beliefs as an evangelical Christian prohibit him from taking certain acting roles, Yankwit said.
The attorney told the News, "Steve is a faith-based actor. It's harder to get jobs these days. He can't do his movies anymore. They have too much violence and drugs in them."
Baldwin is best known for his role in the 1995 film "The Usual Suspects."
Baldwin is scheduled to formally plead guilty in the case on March 29. The youngest of the four acting Baldwin brothers, he had faced up to four years in prison.
Baldwin can currently be seen on NBC's "All-Star Celebrity Apprentice."