Schedule M1home - First-Time Homebuyer Savings Account - 2017 Page 2
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1
22017 Schedule M1HOME Instructions
Complete Schedule M1HOME, First-time
What is a qualified withdrawal?
Line 4
Homebuyer Savings Account, to designate
Enter the amount of interest or dividends
A qualified withdrawal is a withdrawal of
a first-time homebuyer savings account.
earned on this account. This amount may
funds used for a down payment on a single-
be found on a federal Form 1099 issued by
Complete one form per qualified first-time
family residence, closing costs, cost of
the financial institution. This amount is your
homebuyer savings account you opened in
construction, or financing the construction of
subtraction and should be entered on line 4
2017.
a single-family residence.
of this schedule and on line 41 of Schedule
What is a non-qualified
Who is a qualified beneficiary?
M1M.
A qualified beneficiary is the person or mar-
withdrawal?
Line 5
ried couple designated on this schedule by
A nonqualified withdrawal is a withdrawal
Enter the result of this line here and on line
the account holder. The beneficiary must be
of funds used for anything other than ex-
14 of Schedule M1M. This is the amount of
a Minnesota resident who has not had own-
penses listed as a qualified withdrawal.
your addition.
ership interest in a single-family residence
in the last 3 years. The account holder may
Line Instructions
Line 6
be the beneficiary of a first-time homebuyer
Multiply the amount on line 5 by 10% (.10).
Round amounts to the nearest whole dollar.
account. The qualified beneficiary can be
Enter this amount here and on line 14 of
changed at any time.
From M1. This is your additional tax.
Line 1
How do I determine the date
Enter the amount of contributions made to
Questions? Need forms?
a savings account that you designated as a
that I named the qualifying
Forms and information are available on our
first-time homebuyer savings account. The
beneficiary?
website at
maximum annual contributions for married
Typically, this person is named as the ben-
filing joint taxpayers is $28,000 or $14,000
eficiary of the account the day the account
If you have questions:
for all other filing statuses.
is opened; however, a person can be named
• Visit our website at
as the beneficiary any time after the account
Line 2
is opened. To qualify for this subtraction,
Enter the amount of qualified withdrawals
• Send us an email at
the beneficiary must be named by April 15
taken from the account in 2017.
individual.incometax@state.mn.us
of the year after the account was opened.
Line 3
• Call us at 651-296-3781 or 1-800-652-
Enter the amount of non-qualified withdraw-
9094
als taken from the account in 2017.
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