Due to recent tax law changes, the Minnesota Department of Revenue is seeking feedback by July 7 on changes to Form W-4MNP, Minnesota Withholding Certificate for Pension or Annuity Payments.
We would like your feedback on the drafted Form W-4MNP, which includes these changes:
Withholding will no longer be based on filing status and withholding allowances
Taxpayers may request either a withholding percentage rate of their choice or a specific dollar amount withheld
If a taxpayer did not complete Form W-4MNP, a flat 6.25% withholding rate will apply instead of withholding at single and zero allowances
New separate sections for periodic and nonperiodic distributions will allow the recipient to choose a different withholding rate for both periodic and nonperiodic distributions on the same form
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