What is an IT-588
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jessie_091494
New Member

What is an IT-588

 
2 Replies
Kat
Level 15
Level 15

What is an IT-588

@jessie_091494 I can't say for sure, but it sounds like a state income tax form.  Do you have state income tax where you live?

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***
ToddL99
Employee Tax Expert

What is an IT-588

NY Form IT-558 is used 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.

 

There are many instances where state tax law treats certain income and deduction items differently from how they are treated on your federal tax return. This is referred to as "decoupling", i.e. when state law differs from federal tax law in a particular situation.

 

The TurboTax NY state tax interview will determine if decoupling will affect your return - it will ask the necessary questions to determine if any of these differences apply to you.

 

For additional information, see: What is an IT 558 tax form in New York? and decoupling.

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