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    4                                                       FINAL DRAFT — 10/2/23                                                                                                              4
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    6                                                                                                                   *231791*                                                               6
    7  2023 Schedule M1HOME, First-Time Homebuyer Savings Account                                                                                                                              7
    8                                                                                                                                                                                          8
    9  If you are the account holder of more than one first-time home buyer savings account, complete a separate Schedule M1HOME for                                                           9
    10 each account.                                                                                                                                                                           10
    11                                                                                                                                                                                         11
    12 YOUR FIRST NAME,I                 YOUR LAST NAMEXXXXXXXXXXXXXXXXXX                                          999999999                                                                   12
    13 Your First Name and Initial        Last Name                                                                Social Security Number                                                      13
    14                                                                                                                                                                                         14
    15 Registration Information                                                                                                                                                                15
    16                                                                                                                                                                                         16
    17 NAME OF BANKXXXXX                 11223333                                 9999999999999                    123456789  123456789                                                        17
    18 Bank Name                         Date Account Opened (MM/DD/YYYY)         Account Number                   Start of Year Balance                                 End of Year Balance   18
    19 BENEFICIARYXXXXXXXXXXXXX                                                                                    11/22/3333                                                                  19
    20 Qualified Beneficiary                                                                                       Date Beneficiary Named                                                      20
    21                                                                                                                                                                                         21
    22                                                                                                                                                                                         22
    23 Withdrawals from Account                                                                                                                                                                23
    24                                                                                                                                                                                         24
    25 11/22/3333                        12345678                                 PURPOSE OF WITHDRAWAL XXXX                                                                                   25
       Date of First Withdrawal          Amount of First Withdrawal               Purpose of First Withdrawal
    26                                                                                                                                                                                         26
    27 11/22/3333                        12345678                                 PURPOSE OF WITHDRAWAL XXXX                                                                                   27
    28 Date of Second Withdrawal         Amount of Second Withdrawal              Purpose of Second Withdrawal                                                                                 28
    29 11/22/3333                        12345678                                 PURPOSE OF WITHDRAWAL XXXX                                                                                   29
    30 Date of Third Withdrawal          Amount of Third Withdrawal               Purpose of Third Withdrawal                                                                                  30
    31                                                                                                                                                                                         31
    32                                                                                                             Round amounts to the nearest whole dollar.                                  32
    33 Account Reporting                                                                                                                                                                       33
    34   1  Amount of contributions to the account prior to 2023 (see instructions)  . . . . . .  . . . . .  . . . . . .  . . . . . .  . . . . .  . . . . . .  . . .  .  1   12345678          34
    35                                                                                                                                                                                         35
    36   2  Amount of contributions made in 2023. Do not enter more than $14,000 ($28,000 if married and filing a joint return) 2                                            12345678          36
    37                                                                                                                                                                                         37
    38   3   Add Lines 1 and 2 . ...... ..... ...... ..... ...... ...... ..... ...... ..... ...... ....... ..... ..... ...... ...                                        3   12345678          38
    39                                                                                                                                                                                         39
    40   4  Qualified withdrawals in 2023 (see instructions) ..... ...... ..... ..... ....... ...... ..... ...... ..... ..... ...                                        4   12345678          40
    41                                                                                                                                                                                         41
    42   5  Nonqualified withdrawals in 2023 (see instructions) ... ...... ..... ....... ..... ...... ..... ..... ...... ...... .                                        5   12345678          42
    43                                                                                                                                                                                         43
    44 Subtraction                                                                                                                                                                             44
    45   6  Enter amount of interest and dividends earned in 2023 on this account here and on line 27 of Schedule M1M ...... 6                                               12345678          45
    46                                                                                                                                                                                         46
    47 Addition                                                                                                                                                                                47
    48   7  Subtract line 3 from line 5.  If the result is zero or less, STOP HERE. You do not have an addition.                                                                               48
    49      If you have a positive number, enter this amount on line 5 of Schedule M1M and complete line 8... ...... ..... ...    7                                          12345678          49
    50                                                                                                                                                                                         50
    51 Additional Tax                                                                                                                                                                          51
    52   8  Multiply line 7 by 10% (.10).  Enter the amount here and on line 14 of Form M1.                                                                                                    52
    53      Check the box for Schedule M1HOME on line 14 of Form M1 (see instructions)     ... ...... ..... ....... ..... ......  8                                          12345678          53
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    63                                                                          9995                                                                                                           63
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    65

2023 Schedule M1HOME Instructions

Complete Schedule M1HOME, First-time Homebuyer Savings Account, to:
• Register a first-time homebuyer savings account in Minnesota
• Designate a qualified beneficiary
• Determine your subtraction or addition and additional tax
Complete one form per qualified first-time homebuyer savings account you earned interest and dividends from or took a distribution from in 
2023. 

Who is a qualified beneficiary?
A qualified beneficiary is the person or married couple that the account holder designates on this schedule. The beneficiary 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 beneficiary 
of a first-time homebuyer account. You may change the qualified beneficiary at any time.

How do I determine the date I named the qualifying beneficiary?
Typically, you name the qualified beneficiary the day you open the account. To qualify for this subtraction, you must name the beneficiary on 
Schedule M1HOME.

What is a qualified withdrawal?
A qualified withdrawal is a withdrawal of funds used for a single-family residence in Minnesota, including: 
• Down-payment
• Closing costs
• Cost of construction
• Financing the construction 
A single-family residence also includes any of these:
• Manufactured home
• Trailer
• Mobile home
• Condominium unit
• Townhome
• Cooperative

What is a nonqualified withdrawal?
A nonqualified withdrawal is a withdrawal of funds used for anything other than expenses listed as a qualified withdrawal. 

Line Instructions
Round amounts to the nearest whole dollar.
Line 1
Enter the contributions to the account made prior to 2023. If there were distributions from this account in prior years, reduce your overall 
contributions by the amount of these distributions.
Line 2
Enter the contributions to the account during 2023. Do not enter more than $14,000 ($28,000 if married and filing a joint return).
Line 3
Add the amounts from line 1 and 2. The total contributions to the account must not exceed $50,000 ($100,000 if married and filing a joint 
return).
Line 4 
Enter the amount of qualified withdrawals taken from the account in 2023. 
Line 5 
Enter the amount of nonqualified withdrawals taken from the account in 2023. 
Do not include:
• Withdrawals made due to the account holder’s or designated qualified beneficiary’s death or disability
• Disbursement of assets under federal bankruptcy law
• Disbursement of assets of the account under Minnesota Statutes 550 or 551  

Line 6 
Enter the amount of interest or dividends earned on this account in 2023. You may find this amount on a federal Form 1099 your financial 
institution issued. This amount is your subtraction to enter on line 4 of this schedule and on line 27 of Schedule M1M, Income Additions and 
Subtractions.
Line 7 
Enter the result of this line here and on line 5 of Schedule M1M. This is the amount of your addition. 
Line 8 
Multiply the amount on line 7 by 10% (.10). Enter this amount here and on line 14 of Form M1. This is your additional tax.

Questions? 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