field_block:node:page:title
First-Time Homebuyer Savings Account Addition
field_block:node:page:body
You may be required to report an addition to Minnesota taxable income for nonqualified withdrawals from a first-time homebuyer savings account.
You must report an addition to Minnesota taxable income if any of these apply:
-
You previously reported a First-Time Homebuyer Savings Account Subtraction, and a withdrawal from the account was used for anything other than eligible costs
- The account balance exceeds contributions at the close of the 10th year the accounts are open
To report the addition, complete Schedule M1HOME, First-Time Homebuyer Savings Account, and enter the amount on Schedule M1M, Income Additions and Subtractions.
You must pay an additional tax if you report a First-Time Homebuyer Savings Account addition to your Minnesota taxable income. Complete Schedule M1HOME to determine your additional tax and enter the amount on Form M1, Individual Income Tax.