Baldwin, the youngest of four brothers in show business, admitted in Rockland County Court that he failed to pay New York state income taxes between 2008 and 2010.
Under a plea bargain, the 46-year-old has a year to come up with the money and have his record wiped clean.
Baldwin says he never intended to avoid paying taxes and blamed his troubles on bad advice from lawyers and accountants.
His total bill in taxes, interest and penalties is $400,000, but state Supreme Court Justice Charles Apotheker said $100,000 had already been paid.
Baldwin says if his father could raise six kids on a schoolteacher's salary of $25,000, he's certain he will be able to meet the deadline.
The Associated Press contributed to this report.