How do i find IT-558? The prompt does not appear anymore. Is the form ready?

[LenaH]

Yes, Form IT-558 is currently available. This new NYS tax form will be automatically added to your return in TurboTax if necessary. 

Although I am not certain which apply to your particular situation, I will list two of the most common reasons why a NYS resident would need Form IT-558 and how your federal information would flow to your form.

• 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.
    • If this is your situation, you will have to make sure the right check mark for a Covid-19 distribution is checked on the screens for your 1099-R. For more information, please see my steps on handling this on the federal side on the page Handling Covid-19 Distributions on 1040.
• 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.
    • This should be automatically added to your federal adjusted gross income on your NYS return.

If you need additional information, comment back and we can further assist you. 

[azambit1]

I'm not sure where to look for this form. The prompt does not appear anymore. Does that mean i can forget about this form? Thank you very much

[LenaH]

Yes, Form IT-558 is currently available. This NYS tax form will be automatically added to your return in TurboTax, if necessary. Since you are using TurboTax online, you can only see the NYS tax summary. There is no line item specifically for Form IT-558 on the TurboTax NYS summary. Adjustments from your Form IT-558 will be grouped in with your other New York State Additions and New York Subtractions, if applicable. Once you e-file, it should be with the forms of the return. 

To see your state summary, please follow these steps in TurboTax:

1. Open your return.
2. Click on Tax Tools.
3. Click on Tools.
4. Click on View Tax Summary under Other helpful links.
5. Click on NY Tax Summary.
6. The second line, titled Adjustments to income, is where adjustments from your IT-558 would be seen. 

Please let me know if you have any further questions.

@azambit1

[suect1987]

No LenaH (Employee Tax Expert) while the IT 558 form is available from NYS it has NOT been automatically added to our returns if necessary. It is now March 7, two months after you posted your reply and I am still unable to send in my NY State tax returns because the ITT 558 has NOT been automatically added to my returns and yes, it is necessary. My returns were twice rejected by NY State BECAUSE the IT 558 has NOT been automatically added and no one at Turbo Tax can tell me when this will occur.

[kas123]

My return was accepted by NY State, but I just got a message on their website that I need to send IT-558.

Why would TurboTax file an incomplete return?

[MayaD]

TurboTax creates and populates the form based on your interview answers. 

New York tax law update: What you need to know about Form IT-558

[rosarious]

I just got a notice from the NY State dept of taxation: They want to see my IT-558 form. It is NOT in my Turbo tax online. What do I do? I thought you guys had a '100% correct filing guarantee'. How come the form is missing? How do I fill it out? I am using Turbo tax in order to NOT having to fill these forms. 

I filed my taxes 3 weeks ago. Now, the form is MISSING from my Turbo tax. I have contacted Turbo tax and they tell me to ''follow the instructions on the letter"... So, now what? 

Again, what about the guarantee that the filing would be complete and correct? 

[rosarious]

You are WRONG Lenah. Turbo tax does NOT add form IT-558. In fact, I filled out my NY State three weeks ago and now I received the notice that I need the IT-558. That form is NOT in Turbo Tax. 

[CarissaM]

We are unable to view your return here in this public forum, so if you are still unable to find it, it would be best to click here and give us a call to better assist you. @rosarious