Minnesota’s withholding methods were updated for 2024, while changes to the state withholding certificate for pensions were made earlier in 2023, the state revenue department said.
The value of a state allowance in the withholding methods increased to $5,050, from $4,800. The tax brackets used in the percentage method were adjusted.
Form W-4MNP, Minnesota Withholding Certificate for Pension and Annuity Payments, was updated Aug. 15 to calculate withholding without using allowances. “Beginning with distributions after Dec. 31, 2023, payers must request a W-4MNP if the recipient of the distribution has not already provided a withholding certificate that can be used ...
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