Minnesota DOR Issues Information on Draft Form W-4MNP, Seeks Feedback on Withholding Tax Form Changes

The Minnesota Department of Revenue (DOR) June 21 issued information on a draft 2023 Form W-4MNP, Minnesota Withholding Certificate for Retirement Account, Pension, or Annuity Payments, for individual income and corporate income tax purposes. The DOR is seeking feedback on the changes to the form via email by July 7. The changes include: 1) withholding will not be based on filing status and withholding allowances; 2) taxpayers may request either a withholding percentage rate of their choice or a specific dollar amount withheld; 3) a 6.25 percent rate will apply instead of withholding at single or zero allowances if a ...