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

[taxuser999]

How to trigger Turbotax to use IT 558?

[taxuser999]

How to tell Turbotax to bring up IT 558?

[evanshorey]

Yes

[MarilynG1]

Here's a summary below of the two most common reasons of why Form IT-558 would be added to your NYS return. 

• Covid-19 related distributions from a retirement plan
  • For distributions taken from retirement plans, NY is requiring that the entire amount be added back to federal AGI, and then taxpayers will subtract out any taxable amount already included in federal AGI. 
• Adjustments for charitable contributions
  • Created as a new charitable deduction for those taking the standard deduction on their federal return of up to $300. This amount is required to be added back to income for NY purposes.

If you had a Covid related distribution in 2020, the Federal form to report this is not yet ready (Form 8915-F, scheduled for 3/24/22) which could account for your IT-558 not coming up.

[lizzos]

I filed my taxes using Turbo Tax on March 8 but the form IT-558 was not included so I received a notice from NYS stating that this form must be completed. Is it now included in Turbo Tax? It does not appear to be.

[AGirlHK]

Same for me. And it is not strait forward on how to fill one out? Can anyone from Turbo tax please respond with a better and more clear instructions than the IRS has on their site? It isn't making sense to me. Thank you!

[JohnW152]

New York’s Form IT-558, Adjustments due to Decoupling from the IRC is available in TurboTax.  See TurboTax Online’s New York Individual Forms Availability page.

Also see the Instructions for Form IT-558 New York State Adjustment Due to Decoupling From the IRC Tax Year 2021 for information on how to complete Form IT-558.  

@lizzos @AGirlHK

[AGirlHK]

thank you @JohnW152 , however,  are the same instructions I mentioned in my post.  We are asking for more clear instructions than what you listed as those don’t make sense to the average person. 

[evanshorey]

@AGirlHK you are so correct.

No one seems to understand the question I have ACTUALLY asked. I'll try this one more time.

Question 1 - When I initially filled out my NY return, TurboTax never prompted me to fill out Form IT-558, even though I used the software and filed after any update pertaining to the form IT-558.

New York then sent me a letter requesting Form IT-558 be filled out and returned. I want to go back into TurboTax and have the software prompt me to add Form IT-558 and assist in filling it out. I can manually add the form, but TurboTax never prompts me to assist in filling it out, and then the form disappears after I add it. Some suggest amending my NY return, but AMENDING DOES NOT WORK! All it does is make TurboTax add unnecessary docs that are not applicable because I am not officially amending, and it never gets to Form IT-558, which is the point. 

Since the first question seems to be unanswerable by anyone and even by the TurboTax "experts", it then leads me to:

Question 2 - If I wanted just the instructions for Form IT-558, @JohnW152 I can google that in five different languages and get the same link you sent. That's easy, obvious, and never the actual question anyone has asked. Other than that, thank you for the link.

Understanding the instructions and what's applicable pertaining to adjustments is the issue and THE ACTUAL QUESTION! I have no idea what additions and subtraction adjustments are all about. So, I guess my question would now be; since I don't know what actual adjustments are and I don't seem to have any, would I then fill in 0's (zeros) in all the spaces and that totaled?

Thank you,

FRUSTRATED with TurboTax bots answering my questions, because apparently, no real person is actually reading them.

TurboTax - the company answering the questions no one is asking. 

[MarilynG1]

Since we can't see your return in this forum, and you don't believe that you need IT-558 to report adjustments, you could just fill in the form with 0's as you suggested and mail it in to New York (since they requested it).

Apparently TurboTax did not find that you needed this form, either, since it was not generated for you.  Going back into your return to try to 'generate' one when it is not required, may not work. 

If you don't have items in New York that may differ from federal amounts (Business Depreciation, Pension Exclusion are a couple of examples) you don't need this form.

Why does New York think it applies to you?  If you could clarify the details of your letter, we'll try to help.  You may want to contact the the phone number on your letter. 

The Instructions for Form IT-558 lists the exceptions that need to be reported.  You can review them to see if any apply to you. 

[evanshorey]

Thank you @MarilynG1. Very helpful 

[JELG]

I had the same problem as everyone else. I could not find the 558 form in TurboTax and I don't believe I needed it even though NYS requested it. Possibly because I lived in 2 states. I printed it off the NYS web site, filled in zeros, and snail mailed it back to them. Now I am waiting to hear. Good luck to all. 

[JELG]

I understand your frustration completely. I printed the form from the NYS web site, filled in zeros for everything and mailed it back. If it is wrong, I'm sure they will let me know. Good luck.

[evanshorey]

Let me know the response you get. I uploaded my account at https://my.ny.gov/Login. I haven't heard anything yet either. 

[Bullman23]

Wait, I'm a bit confused. I filed a 203 form. I live in another state in the midwest. I was not a resident in NYC or NYS (for the year of 2021), and did remote work as an employee of a company in NYC. So do I just put zero for everything? I earned no additional income outside of my employee salary in NYC. Do I put my employee income in part 1 or 2? I read the instructions and it's kind of confusing. Also, if this helps, I received no stimulus or any type of government funding for the year of 2021.