541B.4 Account administration — account holder responsibilities.

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.

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.

2017 Acts, ch 116, §6

Referred to in §541B.2, 541B.7