Account Holder and Designated Beneficiary Form, page 2
41-162b (07/14/2020)
Iowa First-Time Homebuyer Account Holder and Designated Beneficiary Instructions
Primary Account Holder(s) Information:
Enter the name and SSN of the primary account
holder. The account holder is the person who
owns the bank account designated as a first-
time homebuyer savings account. The account
holder will also be the person eligible to receive
Iowa income tax deductions for contributions
made to the account during the tax year.
Secondary Account Holder: (Available only for
married couples filing a joint Iowa individual
income tax return). Enter the name and SSN of
the spouse of the primary account holder. A
secondary account holder must be the spouse
of the primary account holder, and the two
spouses must jointly own the account
designated as a first-time homebuyer savings
account. Only spouses who file joint Iowa
income tax returns may be joint first-time
homebuyer savings account holders. Married
couples who file separately, or separately on a
combined return, for Iowa income tax purposes
are not eligible, and must open separate first-
time homebuyer accounts if they wish to
participate in the program.
Account Information: Enter the name of the
financial institution in which the account was
opened, the routing number, and the account
number for the account. If you are unsure where
to find the routing number and account number,
contact your financial institution. A first-time
homebuyer savings account must be an
interest-bearing savings account opened at a
state or federally chartered bank, savings and
loan association, credit union, or trust company
located in Iowa. Once designated as first-time
homebuyer savings account, the account must
be used only for that purpose.
Date the Account was Opened: Enter the date
you opened the qualifying interest-bearing
savings account you wish to designate as a first-
time homebuyer savings account.
Designated Beneficiary Information: Enter
the beneficiary’s name and SSN. Each first-time
homebuyer savings account may have only one
designated beneficiary. A designated
beneficiary must be an individual who qualifies
as a first-time homebuyer. An account holder
may also be the designated beneficiary of an
account. An eligible individual may be the
designated beneficiary of more than one
account, but no account holder may establish
more than one account for the same designated
beneficiary.
Change of Designated Beneficiary: The
account holder may change the designated
beneficiary of a first-time homebuyer savings
account at any time by completing this form and
entering the new beneficiary’s information in the
spaces provided. All information required on the
form must be provided in order for the
Department to properly process the change. A
change in beneficiary will not take effect until this
form is submitted to the Department.
Due Date: This form, establishing the first-time
homebuyer savings account, and designating
the beneficiary for the account, may be
submitted at any time after the account was
opened, but must be submitted no later than
April 30 (July 31 if the account was established
in calendar year 2019) of the year immediately
following the tax year in which the account was
opened in order for the account to qualify as a
first-time homebuyer savings account. Note:
This form should be submitted separately from
your income tax return or any other form or
payment, unless otherwise directed by the
Department.
Mail form to:
Iowa Department of Revenue
PO Box 1792
Des Moines, IA 50306-1792
