Minnesota’s withholding certificate for pensions and annuities was updated following legislative changes earlier in 2023 and a draft version of the form, the state revenue department said Aug. 31.
Form W-4MNP, Minnesota Withholding Certificate for Retirement Account, Pension, or Commercial Annuity Payments, no longer uses allowances to calculate withholding. Instead, it allows recipients to choose a default withholding rate of 6.25%, no withholding, or any other percentage or dollar amount per payment or distribution.
The change was made by Article 16, Section 3 of H.F. 1934, which took effect May 24. However, for the rest of 2023, the ...
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