41-162: First-Time Homebuyer Account Holder and Designated Beneficiary Form 41-162 (Revision 2024-05)
Iowa · Iowa DOR · Used for tax years 2024, 2025, 2026
Iowa Form 41-162 designates a savings account as a first-time homebuyer savings account and identifies its designated beneficiary. It records account holder information, financial institution and account details, and beneficiary information, including any change of beneficiary.
Who files this form
The owner of a qualifying savings account uses this form to designate it as an Iowa first-time homebuyer savings account and name its beneficiary. The account holder also uses this form to change the beneficiary.
The account must be an interest-bearing savings account at a state or federally chartered bank, savings and loan association, credit union, or trust company located in Iowa.
Joint account holders must be spouses who jointly own the account and file a joint Iowa individual income tax return. Spouses who file separately must open separate accounts to participate.
What you'll need
Have the following information ready:
- Primary account holder’s name, Social Security number, and address.
- Spouse’s name and Social Security number, if there is an eligible secondary account holder.
- Financial institution’s name, routing number, and account number.
- Date the account was opened, in MMDDYY format.
- Designated beneficiary’s name and Social Security number.
- New beneficiary’s name and Social Security number, if changing the beneficiary.
If you cannot find the routing or account number, contact your financial institution.
How to file
Complete the account holder, account, and beneficiary information. If changing the beneficiary, also complete the new beneficiary fields and provide all other information required on the form.
Sign and date the account holder signature lines. By signing, you declare under penalty of perjury or false certificate that the form and accompanying documentation are true, correct, and complete to the best of your knowledge and belief.
Mail the form to:
Iowa Department of Revenue
PO Box 1792
Des Moines, IA 50306-1792
Submit this form separately from your income tax return and any other form or payment, unless the Department directs otherwise.
Common mistakes
- Sending the form with your tax return or payment. Submit it separately unless the Department directs otherwise.
- Leaving required information blank when changing a beneficiary. All required information must be provided for the Department to process the change.
- Assuming a beneficiary change is effective before submission. The change does not take effect until this form is submitted to the Department.
- Naming joint account holders who do not qualify. Only spouses who jointly own the account and file joint Iowa income tax returns may be joint holders.
- Using the account for another purpose. Once designated as a first-time homebuyer savings account, it must be used only for that purpose.
Questions people ask
Can I be the beneficiary of my own account?
Yes. An account holder may also be the designated beneficiary. The beneficiary must qualify as a first-time homebuyer.
Can one account have more than one beneficiary?
No. Each account may have only one designated beneficiary.
Can a beneficiary have more than one account?
An eligible individual may be the beneficiary of more than one account. However, an account holder may not establish more than one account for the same beneficiary.
Can I change the beneficiary?
Yes, at any time by completing this form with the new beneficiary’s information and all other required information. The change does not take effect until the form is submitted to the Department.
Who is eligible for the Iowa income tax deduction for contributions?
The account holder is the person eligible to receive Iowa income tax deductions for contributions made to the account during the tax year.