WH Tax
As of May 24, 2023, recipients of retirement, IRA, pension, or commercial annuity payments can request Minnesota income tax withholding at any rate or amount they choose, including none.
The Minnesota Department of Revenue updated Form W-4MNP, Minnesota Withholding Certificate for Retirement Account, Pension, or Commercial Annuity Payments [ [link removed] ], to reflect recent law changes. It has a revised date of August 15, 2023, and includes these updates:
* Withholding is longer based on filing status and withholding allowances, and recipients no longer need to calculate allowances
* For periodic payments and nonperiodic distributions, recipients may request the default rate of 6.25%, no withholding, or a specified percentage or amount
* If a recipient does not complete Form W-4MNP, a flat 6.25% withholding rate will apply
If recipients already have a Form W-4MNP on file with their plan administrator, they do not need to complete this revised form unless they choose to do so.
You may use either version of the 2023 Form W-4MNP for the remainder of 2023. Beginning January 1, 2024, you must use the latest version of the form.
*Questions?** *
See our Tax Law Changes page [ [link removed] ] for the latest information and updates.
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