Recently released by the Oklahoma Tax Commission:
“The Oklahoma Tax Commission has introduced an Oklahoma-specific withholding certificate in response to changes in federal tax law. Historically, the OTC used the IRS form W-4; however, with the implementation of the Federal Tax Cuts and Jobs Act, our agency has determined a state-specific form will best suit the needs of our taxpayers. This new form, the OK-W-4, will allow employees to make changes to their Oklahoma withholding for 2018.
Many taxpayers may find that the new federal tax brackets may impact their Oklahoma Individual Income Tax liabilities. We encourage employers to advise their new and current employees of the new form. Any employees who wish to make changes to their Oklahoma withholding should complete the OK-W-4 and file it with their employer.”
Employees are not required to submit a new form, but should be made aware of it and offered the opportunity to submit a form changing the Oklahoma withholding elections compared to the federal elections they have already made.