First-Time Homebuyer Savings Account Addition

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.