Complete Schedule M1HOME, First-time Homebuyer Savings Account, to:
• Register a rst-time homebuyer savings account
• Designate a qualied beneciary
• Determine your subtraction or addition and additional tax
Complete one form per qualied rst-time homebuyer savings account you earned interest from or took a distribution from in 2019.
Who is a qualied beneciary?
A qualied beneciary is the person or married couple that the account holder designates on this schedule. The beneciary must be a Min-
nesota resident who has not had ownership interest in a principal residence in the last three years. The account holder may be the beneciary
of a rst-time homebuyer account. You may change the qualied beneciary at any time.
How do I determine the date I named the qualifying beneciary?
Typically, you name the qualied beneciary the day you open the account. To qualify for this subtraction, you must name the beneciary on
Schedule M1HOME.
What is a qualied withdrawal?
A qualied withdrawal is a withdrawal of funds used for a down payment on a single-family residence, closing costs, cost of construction, or
nancing the construction of a single-family residence.
What is a nonqualied withdrawal?
A nonqualied withdrawal is a withdrawal of funds used for anything other than expenses listed as a qualied withdrawal.
Line Instrucons
Round amounts to the nearest whole dollar.
Line 1
Enter the contributions to the account since opening the account. The maximum annual contribution is $28,000 for married couples ling
joint returns or $14,000 for all other individuals.
If there were distributions from this account in 2017 or 2018, reduce your overall contributions by the amount of these distributions.
Line 2
Enter the amount of qualied withdrawals taken from the account in 2019.
Line 3
Enter the amount of nonqualied withdrawals taken from the account in 2019.
Line 4
Enter the amount of interest or dividends earned on this account in 2019. You may nd this amount on a federal Form 1099 your nancial
institution issued. This amount is your subtraction to enter on line 4 of this schedule and on line 40 of Schedule M1M, Income Additions and
Subtractions.
Line 5
Enter the result of this line here and on line 11 of Schedule M1M. This is the amount of your addition.
Line 6
Multiply the amount on line 5 by 10% (.10). Enter this amount here and on line 14 of Form M1. This is your additional tax.
Quesons? Need forms?
Forms and information are available on our website at www.revenue.state.mn.us.
If you have questions:
• Visit our website at www.revenue.state.mn.us
• Send us an email at individual.incometax@state.mn.us
• Call us at 651-296-3781 or 1-800-652-9094
2019 Schedule M1HOME Instrucons
