The Form W-2 is used all over the country as it’s a federal form that the IRS obligates every employer to use for their hired employees. It stands for the Employee’s Withholding Allowance Certificate which lets the employee determine how much tax will be withheld from their pay.
The more allowances the employees claim, the less tax will be withheld from their pay. However, this will result in the employee paying more taxes when the tax season arrives as there aren’t many contributions. If you want to receive a big tax refund, you can claim 0 allowances and more taxes will be withheld from your pay.
Whether you live in Minnesota or any other state in the country, the W-4 Form is going to stay the same. Since this is a form that the Internal Revenue Service issues, which is a part of the federal government, there aren’t any state regulations on it.
However, since Minnesotans also pay state income tax, they can use a similar version of the W-4 Form, known as W-4MN to allow their employers to withhold taxes from them. You can get the W-4MN by clicking here.
If you’re exempt from Minnesota withholding, only complete Section 2 of the form and sign the form to validate your identity. Just the same as federal W-4 Form , the completion of the form is very simple but you can take a look at the instructions on how to file on our front page.
The federal law allows every employee to withhold a portion of their income from their pay. That’s the whole purpose of the W-4 Form you complete at the start of each year. Although it is mostly done at the beginning of the year, you can submit a new W-4 Form if you want to change the number of allowances you claim on your W-4.
So in practice, if you want to receive a big tax refund, you can claim zero allowances or if you want to keep the cash flow from your income and put it in a savings account, claiming multiple allowances can be helpful as well. But this would mean that you will pay all of your income tax all at once, cash.
Connecticut W-4 Form
Since the W-4 Form is not related to your state income tax, whether you live in Connecticut or any other state for that matter, the W-4 Form will remain the same and you will have to complete it.
For the year 2020, a new W-4 Form will be released by the Treasury Department and the IRS. The current version of W-4 can still be used as of December 2019. However, once the new version is available, employees must complete the new form and submit it to their employers.
To get W-4 Form, you can call and submit a blank copy of the W-4 Form from the IRS, or you can simply visit the online page from here and print.