Iowa Code 541B.4 – Account administration — account holder responsibilities
Current as of: 2023 | Check for updates
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1.
Account contributions.
Contributions to a first-time homebuyer savings account may be made by any person in the form of cash. There is no limitation on the amount of contributions that may be made to or retained in a first-time homebuyer savings account.
Terms Used In Iowa Code 541B.4
- Account: means the same as defined in section 554. See Iowa Code 554E.1
- Account holder: means an individual who establishes, either individually or jointly with the individual's spouse, a first-time homebuyer savings account pursuant to section 541B. See Iowa Code 541B.2
- Department: means the department of revenue. See Iowa Code 541B.2
- Financial institution: means a state or federally chartered bank, savings and loan association, credit union, or trust company in this state. See Iowa Code 541B.2
- First-time homebuyer: means an individual who is a resident of Iowa and who does not own, either individually or jointly, a single-family or multifamily residence, and who has not owned or purchased, either individually or jointly, a single-family or multifamily residence for a period of three years prior to all of the following:a. See Iowa Code 541B.2
- First-time homebuyer savings account: means an account that meets the requirements of sections 541B. See Iowa Code 541B.2
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- Transaction: means a sale, trade, exchange, transfer, payment, or conversion of a digital asset or any other property or any other action or set of actions occurring between two or more persons relating to the conduct of business, commercial, or governmental affairs. See Iowa Code 554E.1
2.Account expenses.The account holder shall not use funds held in a first-time homebuyer savings account to pay expenses, if any, of administering the account, except that all fees and charges assessed by the financial institution may be deducted from the account by the financial institution where the account is held.
3.Required reports.The account holder shall submit the following information to the department:
a. An annual report for the first-time homebuyer savings account on forms furnished by the department. The report shall be included with the Iowa income tax return of the account holder.b. A copy of the federal internal revenue service form 1099, or other similar federal internal revenue service income reporting form, if any, issued for the first-time homebuyer savings account to the account holder by the financial institution where the account is held. The form shall be included with the Iowa income tax return of the account holder.c. Upon a withdrawal of funds from a first-time homebuyer savings account, a transaction report on forms furnished by the department.4.Withdrawal of funds.The account holder may withdraw funds from a first-time homebuyer savings account at any time.