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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 should I report an addition?
You must report an addition to Minnesota taxable income if any of the following 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 tenth year the accounts are open.
How do I report this addition?
Complete Schedule M1HOME, First-Time Homebuyer Savings Account, to determine this addition.
First-time Homebuyer Savings Account 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.