NY IT-558-I 2021 free printable template

See updated information for this form on our website. Department of Taxation and FinanceInstructions for Form IT558 New York State Adjustments due to Decoupling from the IRC General information For

How to fill out NY IT-558-I

How to fill out NY IT-558-I

1. Gather required information: Collect your New York State tax identification number and relevant income documents.
2. Download the form: Obtain the NY IT-558-I from the New York State Department of Taxation and Finance website.
3. Fill in your personal information: Enter your name, address, and tax identification number at the top of the form.
4. Report income details: Provide information regarding your income from New York sources as required in the appropriate sections.
5. Calculate your credits: Follow the instruction to calculate any applicable tax credits.
6. Review the instructions: Ensure you understand all instructions provided in the form and the accompanying guide.
7. Double-check for accuracy: Review all filled-out information for accuracy and completeness.
8. Sign and date the form: Complete the form by signing and dating it at the designated areas.
9. File the form: Submit the completed NY IT-558-I to the New York State Department of Taxation and Finance through the preferred filing method.

Who needs NY IT-558-I?

1. Individuals or businesses who have income sourced from New York State and need to report it to the New York State Department of Taxation and Finance.
2. Taxpayers who are claiming specific credits or adjustments that require the use of NY IT-558-I.

People Also Ask about

Are individual NOLs limited to 80%?

The rules state that the amount of the NOL is limited to 80% of the excess of taxable income without respect to any § 199A (QBI), § 250 (GILTI), or the NOL. For example: In this example, tax is paid on $20,000 of income even though there was an NOL carryover more than the current year's income.

What is the IT-558 form?

New York State recently introduced a new form, Form IT-558, New York State Adjustments due to Decoupling from the IRC, which taxpayers will be required to use to make adjustments to their federal adjusted gross income for New York reporting purposes.

Why do I need to fill out form IT-558?

You should make New York State adjustments due to decoupling from the IRC using Form IT-558 only if: • you are a partnership and are a partner in one or more partnerships and you received Forms IT-204-CP and IT-204-IP from those partnerships and an amount was reported to you in the Partner's share of New York

What does decoupling mean in taxes?

Decoupling occurs when there is a deviation of the returns of an asset from the correlated assets. Decoupling refers to the variation between a country's investment performance from its underlying economy.

What is the NOL limitation in New York?

In the case of Net Operating Losses generated in taxable years beginning after December 31, 2017, the total amount of NYC NOLs utilized may not exceed 80% of federal taxable in- come. Only include the NYC Net Operating Loss expiring in the cur- rent tax period.

What is the NOL limitation for individuals in NY?

a federal NOL deduction for losses incurred in tax year 2018 or later is limited to 80% of the current year federal taxable income (computed as if the changes to the IRC after March 1, 2020, did not occur); there is no carryback of losses incurred in tax year 2018 or later (except for certain farming losses); and.

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What is NY IT-558-I?

NY IT-558-I is the New York State tax form used for claiming a nonrefundable credit for taxes paid to another state.

Who is required to file NY IT-558-I?

Taxpayers who are residents of New York State and have income from another state that has been taxed are required to file NY IT-558-I.

How to fill out NY IT-558-I?

To fill out NY IT-558-I, taxpayers need to provide their personal information, details of the taxes paid to the other state, and calculate the credit according to the instructions provided on the form.

What is the purpose of NY IT-558-I?

The purpose of NY IT-558-I is to allow taxpayers to claim a credit for taxes paid to another state, thereby preventing double taxation on the same income.

What information must be reported on NY IT-558-I?

On NY IT-558-I, taxpayers must report their personal details, the state in which taxes were paid, the amount of income earned in that state, and the tax amount paid to that state.