Form IT-558

No, there are no known issues with New York Form IT-558.

You may want to make sure that you still qualify for the decoupling adjustments reflected on the form.  According to the Instructions for Form IT-558: 

You should make New York State adjustments due to decoupling from the IRC using Form IT-558 only if: 

• you are a partnership and are a partner in one or more partnerships and you received Forms IT-204-CP and IT-204-IP from those partnerships and an amount was reported to you in the Partner’s share of New York adjustments due to decoupling from the IRC section, line 1 or 2 of those forms. 

• you are a partner in one or more partnerships and received Form IT-204-IP from that partnership and an amount was reported to you in the Partner’s share of New York adjustments due to decoupling from the IRC section, line 1 or 2 of that form. 

• you are a shareholder of one or more federal S corporations for which the election to be a New York S corporation was in effect for the tax year, and the S corporations provided you any addition and subtraction adjustments because of New York State decoupling from changes to the IRC after March 1, 2020. 

• you are a beneficiary of an estate or trust and the estate or trust reported adjustments to federal taxable income because of New York State decoupling from changes to the IRC after March 1, 2020.

To add to the above response, the IT-558 handles New York decoupling with federal IRC provisions, applied for tax years beginning before January 1, 2022.  So for an individual, they may only need to file an IT-558 if they had pass-through income, a K-1, and that entity had a fiscal year end other than December 31, and had one of the adjusting items.