Exempt Status Election Form - Minnesota

Exempt Status Election Form is a legal document that was released by the Minnesota Board of Accountancy - a government authority operating within Minnesota.

FAQ

Q: What is the Exempt Status Election Form?
A: The Exempt Status Election Form is a form used in Minnesota to apply for exempt status from state income tax withholding.

Q: Who is eligible to use the Exempt Status Election Form?
A: Any individual who meets the requirements for exempt status under Minnesota law can use the Exempt Status Election Form.

Q: What are the requirements for claiming exempt status?
A: To claim exempt status, you must meet one of the following criteria: you had no liability for state income tax in the previous year, you do not expect to have any liability for the current year, and you meet certain other requirements specified on the form.

Q: What happens if I claim exempt status but do not meet the requirements?
A: If you claim exempt status but do not meet the requirements, you may be subject to penalties and interest for underpayment of state income tax.

Q: Can I claim exempt status for federal income tax purposes as well?
A: No, the Exempt Status Election Form is only for claiming exempt status from Minnesota state income tax withholding. You will still need to complete a federal W-4 form for federal incometax purposes.

Q: Do I need to submit the Exempt Status Election Form every year?
A: No, if you continue to meet the requirements for exempt status, you do not need to submit the form every year. However, you may be required to submit a new form if your circumstances change.

Q: Is there a deadline for submitting the Exempt Status Election Form?
A: There is no specific deadline for submitting the Exempt Status Election Form, but it is recommended that you submit it as soon as possible to ensure that your exempt status is applied correctly to your income tax withholding.