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.
@mikiandmark
@marcelo1manansala
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
