Minnesota’s 2023 withholding guide was released Jan. 4 by the state revenue department.
The value of a state allowance used in the guide’s computer formula increased to $4,800, from $4,450. The tax brackets used in the percentage method were also adjusted.
The interest rate on tax underpayments is 5% in 2023, up from 3% in 2022, the department said.
2023 versions of the state withholding certificates and Form MWR, Reciprocity Exemption/Affidavit of Residency, were also released, the department said in an email newsletter.
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