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 ofcontributions 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, exceptthat all fees and charges assessed by the financial institution may be deducted from theaccount 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 accountholder. 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 homebuyersavings account to the account holder by the financial institution where the account is held.The lar federal internal revenue service income reporting form, if any, issued for the first-time homebuyersavings 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, §6Referred to in §541B.2, 541B.7 Sat Dec 23 01:44:26 2023 Iowa Code 2024, Section 541B.4 (6, 0)
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