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Last Updated: 12/10/2018

First-time Homebuyer Savings Account Addition

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Individual Income Tax

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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 Home Buyer 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.