IT-558, A-011

Forum|Forum|5 years ago
April 7, 2021
1 reply
5 views

Trying to finish my taxes and this form came up for New York State. The federal side already has 10,200 filled in. What value am I suppose to put in for New York? I made over 10,200 in unemployment so am I supposed to just use that value? Please help this is the last step before I can submit my taxes.

LenaH

Employee Tax Expert

You would enter $10,200 on your IT-558.

Form IT-558 is new NYS form which adjusts your federal adjusted gross income. Certain items this year are being added back and subtracted from your federal adjusted gross income. It is similar to previous year Form IT-225, except that it includes items that cover the CARES Act and the American Rescue Plan.

Since only $10,200 of your unemployment was deducted from your federal adjusted gross income, then that is the amount that must be added back for your New York return on Form IT-558. NYS has decided not to waive taxes on state unemployment benefits.

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Norm85

Level 2

Having the same problem, but finding the turbotax update to be a bit confusing. I've already completed the federal portion of my taxes. I'm a NJ resident but made over 10,200 in unemployment from NY.

When I start filling out the NY portion, it asks for the NY source portion for the federal income allocation. Should I be putting a -10,200 here or a +10,200...or 0? Because then a few pages later, it asks almost the exact same question, which I'm assuming its this second question that add back the 10,200 into my state taxes.

clm11160Author

Level 2

I’m having the same issue. I entered 10,200 for the first question and then 10,200 for the second question again. It made the amount I owe NY increase by about $900 which makes no sense to me. Would be nice to have this streamlined a bit or some help figuring it out. Thankfully I haven’t submitted them yet so there’s still time.