[{"data":1,"prerenderedAt":7},["ShallowReactive",2],{"faq-standard-8215":3},{"rec_id":4,"title":5,"text":6},"8215","What contributions to a First-Time Homebuyer Savings Account can I deduct on my Iowa return?","You may deduct up to $2,314 ($4,628 if \u003Ci>Married Filing Jointly\u003C/i>) in qualifying contributions made during the tax year. This deduction limitation is based on the account holder, so even though you may have contributed to multiple accounts for more than one beneficiary, your total deduction may not exceed $2,314 ($4,628 if \u003Ci>Married Filing Jointly\u003C/i>).\r\n\u003Cbr>\u003Cbr>\r\nContributions are only deductible if they are made to accounts that have been designated as First-Time Homebuyer Savings Accounts by submitting an \u003Ci>Account Holder and Designated Beneficiary Form\u003C/i> to the Iowa Department of Revenue by April 30 of the calendar year following the year in which you opened the account. This form should be submitted separate from your Iowa income tax return.\r\n\u003Cbr>\u003Cbr>\r\nTaxpayers are required to complete a \u003Ca href=\"https://www.freetaxusa.com/taxes2025/formdownload?sid=10&form=ia_homebuyer_report.pdf\" target=\"_blank\">First-Time Homebuyer Savings Account Annual Report\u003Cspan class=\"append_pdf\">\u003C/span>\u003C/a> to claim this adjustment. If you e-file your Iowa return, keep the \u003Ci>First-Time Homebuyer Savings Account Annual Report\u003C/i> for your records and send it to the Iowa Department of Revenue if they request it. If you are unable to successfully e-file your Iowa return, attach the \u003Ci>First-Time Homebuyer Savings Account Annual Report\u003C/i> to your printed Iowa return and mail it to the Iowa Department of Revenue.",1777391474914]