What is an IT 558 tax form in New york? And is it required to fill out, before a tax return can be received?

[ReneeM7122]

No, don't subtract anything. TurboTax calculation are up to date for New York, and you should be able to go ahead and file your State return

Here is a link about this topic and an updated IRS link.

If your New York return is not calculating correctly, you might need to delete it and start again.  The Federal should flow to the state.  Here is how to delete the form:

How do I view and delete forms in TurboTax Online?

• Open or continue your return in TurboTax.
• In the left menu, select Tax Tools and then Tools.
• In the pop-up window Tool Center, choose Delete a form.
• Select Delete next to the form/schedule/worksheet in the list and follow the instructions.

@Phinchliff91

[gg4825]

Hi, I moved to California mid-way through the year, but only collected unemployment when living in NY (Brooklyn.) Turbo Tax is asking me to allocate my Form IT-558 adjustments between Total New York Adjustments, NYC Resident Portion, and Yonkers. Since the whole $10,200 adjustment should apply to my time in NY, should I put $10,200 in both the Total New York Adjustments and the NYC Resident Portion sections? Or just one of the sections and put 0 for the other? (It stipulates that the adjustments below must equal $10,200.) Thanks! 

[AmyC]

@gg4825  You did not receive the money while in Yonkers or NYC so none of it should be allocated to them. The whole amount would be adjusted on the state return since received while living in NY state.

[gg4825]

Hi Amy, thanks for your answer. I actually was in NYC when I received the money (I lived in Brooklyn at the time.) So would I split it half and half between New York and NYC? Thanks!

[AmyC]

The state will tax it all and the city will tax it. One is state, one is local, two different taxes on the same money.

They both get the $10,200 addition.

@gg4825

[pcnyc]

I know IT-338 for charitable contributions is triggered for people who use standard deductions but is it applicable for people who itemize? Should it be removed? The form is not listed under the tax return form list on the left, but prints when I print all forms.

[seppyf31c]

Interesting to see that nobody has provided an update since April 13th, when NYS legislators chose to officially screw the NY unemployed by forcing them to claw back the 10,200 unemployment compensation exemption that the Feds allowed as part of the latest stimulus act. Way to go NY legislators! It wasn't enough to not correct for the Fed's 10,000 SALT deduction rip-off.

PLUS, they create these ridiculous & onerous filing requirements by "decoupling" from the federal standards.

They should give themselves a HUGE pay cut if they need to soak the unemployed for revenues. Gee Whiz!

[Isaac8]

Is the NYS IT-558 available in Turbo Tax? It doesn't show when I print out the forms to send to New York State.

[Cynthiad66]

@Isaac8

Yes, The Form IT-558 is available in TurboTax.  It generates only if needed when you are preparing your return.  TurboTax will create and populate the form for you based on your interview answers

The NY Form IT-558 is required to report any New York State addition and subtraction adjustments required to re-compute federal amounts using the rules in place prior to any changes made to the Internal Revenue Code after March 1, 2020.  

[BonRoy]

Turbo tax did not generate an IT-558.  NYS is requesting one and I have know idea what they are asking for or how to do it. 

[BillM223]

TurboTax is set up to generate the IT-558 only if it is needed.

In the letter from the state, did they indicate why this form was needed? To get TurboTax to generate it, it would be good to know why the state thinks it is needed.

The following is a long thread, but it contains a lot of the information on what an IT-588 is and why you might need one.

@BonRoy

[JELG]

I am having exactly the same problem. NYS sent a letter saying I needed it but I can't find it anywhere in TurboTax. My return was filed and accepted. I can print it off the NYS web-site, but I have no idea how to fill it out. 

[AmyC]

IF NYS wants a form and it is not being generated, you will need to fill one out at Enhanced Form IT-558. Here are the Instructions for Form IT-558 - Tax.ny.gov. Since you don't have one, it should be straightforward with no adjustments.

@JELG

[evanshorey]

TurboTax never created and populated the form for me. I filed my NY return and got a letter from NY asking me to  send them a copy of my Form IT-558. It's not in my list of forms. I can manually enter to see the form, and it shows, but never stays in the software and never prompts to fill out. Totally lost 

[FangxiaL]

Per the Instructions for Form IT-558:

Complete Form IT-558 and submit it with your return to report any New York State addition and subtraction adjustments required to recompute federal amounts using the rules in place prior to any changes made to the IRC (federal tax law) after March 1, 2020.

Go back to your NYS return to see what updates you need to make under the Changes to Federal Income section as shown on this screenshot:

@evanshorey