Questions & Answers

What contributions to a First-Time Homebuyer Savings Account can I deduct?

You may deduct up to $2,000 ($4,000 if Married Filing Jointly) in qualifying contributions made during the tax year. This deduction limitation is based on the account holder, so even though you my have contributed to multiple accounts for more than one beneficiary, your total deduction may not exceed $2,000 ($4,000 if Married Filing Jointly).

Contributions are only deductible if they are made to accounts that have been designated as First-Time Homebuyer Savings Account by submitting an Account Holder and Designated Beneficiary Form 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.

Let's Get Started

© 2002-2019 FreeTaxUSA, a TaxHawk, Inc. owned and operated website - Terms of Use | Privacy Statement