Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

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.

3 Answers

  • 1 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.

  • John
    Lv 6
    1 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.

  • Pearl
    Lv 7
    1 month ago

    i would call a tax place and ask them

Still have questions? Get your answers by asking now.