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Who files NY Tax Form IT-558?
I'm NY resident. I need to know if I should file IT-558 form for tax return. Is it for people with businesses or what? I've never filed it before.
- StephenWeinsteinLv 71 month ago
Someone who has income taxed by NY that isn't taxed by the IRS or that is taxed by the IRS but isn't taxed by NY.
- JohnLv 61 month ago
IT-558 must be completed if an individual or business has any federal tax adjustments created in 2020 because of the pandemic. NY never changed its tax code to match those federal changes.
Those changes must be added or subtracted to a NY tax return. Probably the most common IT-558 adjustment will involve charitable contributions. As a covid relief measure, for 2020 non-itemizers are allowed to deduct up to $300 in charitable contributions on their federal return. That is not allowed for NY. Consequently, that $300 would be listed as an addition on IT-558 and IT-201.
- PearlLv 71 month ago
i would call a tax place and ask them