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Minnesota

question everything

(49,267 posts)

7. Thank you. Yes, it is Minnesota that established this requirement and today

Reply to h2ebits (Reply #6)

Wed Nov 9, 2022, 05:01 PM

Nov 2022

i received an email from Vanguard that if I don't take any action they will have to start withholding the Minnesota min. rate.

Or i can fill and mail that form to keep 0% state tax.

From the Minnesota Dept of Revenue page this became effective Jan 22 so I don't know why it took so long.

I take the RMDs in 12 installments so still have to take the Dec one.

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A differeent topic: anyone is withdrawing funds from pension funds? [View all] question everything Nov 2022 OP

All states are not the same. gab13by13 Nov 2022 #1

I have 25% taken out for state and federal taxes (which I only pay at tax time in April.) Haven't in2herbs Nov 2022 #2

That's odd. Isn't there a checkbox at Vangd where one can choose the default percent or put in progree Nov 2022 #3

There is, but only for federal. I have not seen one for the state. question everything Nov 2022 #4

Well, I guess I'll have to wait and see. I would hate to have to commit to a certain progree Nov 2022 #5

It depends on the institution and the state. . . . h2ebits Nov 2022 #6

Thank you. Yes, it is Minnesota that established this requirement and today question everything Nov 2022 #7

I thought I was going out of my mind question everything Dec 2022 #8

I don't have an RMD requirement with Vanguard, thankfully, progree Dec 2022 #9