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First-Time Homebuyer Savings Account Addition

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You may be required to report an addition to Minnesota taxable income for nonqualified withdrawals from a first-time homebuyer savings account.
 

When the Addition Applies

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 10thyear the accounts are open

Report the Addition

Complete Schedule M1HOME, First-Time Homebuyer Savings Account, to determine this addition.

Pay an Additional Tax

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.

Contact Info

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