The IT 558 came out in 2020 to adjust your income. If your only income was NY wages, you would not need this form. Since they sent it, see if you have anything relevant.
I am not certain which apply to your particular situation, I have listed two of the 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 adjusted gross income (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.
There are many other reasons that would require you to file this new NYS form. You can read more about Form IT-558 here: New York tax law update: What you need to know
Enhanced Form IT-558, New York Adjustments - includes online version for filing.
If you still do not see a reason for the IT 558, you may need to mark zeroes and with a bold pen or marker, indicate that your only NY income was wages.
@Bullman23
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