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    New York Has Revised Form IT-558

    After initially releasing final instructions for Form IT-558, New York State Adjustments due to Decoupling from the IRC, New York has issued revised instructions that remove some of the adjustment codes that were contained in the earlier version of the form.  As a result of the change, the following adjustment codes have been eliminated, and these adjustments are not required to be made on Form IT-558.

    Codes A-001 and S-001 related to Coronavirus-related distributions from retirement plans were eliminated.  These codes were discussed on page 63 of the Tax Year 2020 M+O=CPE Individual Tax Year-End Workshop Reference Book.

    Codes A-002 and S-002 related to certain loans from qualified retirement plans were eliminated.  These codes were discussed on page 68 of the Tax Year 2020 M+O=CPE Individual Tax Year-End Workshop Reference Book.

    Code A-007 related to paycheck protection program loan forgiveness was eliminated.  This code was discussed on pages 65 to 67 of the Tax Year 2020 M+O=CPE Individual Tax Year-End Workshop Reference Book.

    Codes A-010 and S-006 that applied only to estates and trusts and related to the deduction for certain charitable contributions were eliminated.  These codes were discussed in footnote 138 on page 69 of the Tax Year 2020 M+O=CPE Individual Tax Year-End Workshop Reference Book.

    The information provided herein is provided with the understanding that the author and publisher are not engaged in rendering legal, accounting or other professional service. As such, M + O = CPE, Inc. and the author disclaim any responsibility or liability for the information supplied herein or the application of said information.