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.
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