Get It 558

Yes, the NY Form IT-558 is required to report any New York State addition and subtraction adjustments required to re-compute federal amounts using the rules in place prior to any changes made to the Internal Revenue Code after March 1, 2020. ... The form is scheduled to be ready in TurboTax by 1/28/2021.

A Few Other Reasons You Owe NYS tax You may have lost a property tax deduction or perhaps there is a change in your filing status. ... Lastly, you may not have had enough withholdings or deductions. This leaves more income to be taxed resulting in either a lower refund or the need to pay additional taxes.

New York Still Taxing Unemployment Benefits, Despite Federal Exemption. New York will still tax the unemployment benefits New Yorkers received in 2020, despite changes on the federal level, according to State Budget Director Rob Mujica.

New York Still Taxing Unemployment Benefits, Despite Federal Exemption. New York will still tax the unemployment benefits New Yorkers received in 2020, despite changes on the federal level, according to State Budget Director Rob Mujica.

Employed. Forms W-2. Unemployed. Unemployment (1099-G) Self-Employed. Forms 1099, Schedules K-1, income records to verify amounts not reported on 1099-MISC or new 1099-NEC. ... Rental Income. Records of income and expenses. ... Retirement Income. ... Savings & Investments or Dividends. ... Other Income & Losses.

Use Form 588, Nonresident Withholding Waiver Request, to request a waiver from withholding on payments of California source income to nonresident payees.

Because business owners claim it on their quarterly employment tax return (Form 941), the CARES Act benefit isn't reported on their income taxes for their business.

Complete Form IT-558 and submit it with your return to report any New York State addition and subtraction adjustments required to recompute federal amounts using the rules in place prior to any changes made to the IRC after March 1, 2020.