41-164: First-Time Homebuyer Annual Report 41-164 (Revision 2025-06)
Iowa · Iowa DOR · Used for tax years 2024, 2025, 2026
The Iowa First-Time Homebuyer Savings Account Annual Report records account holder and beneficiary information, deposits, withdrawals, and how funds were used. It also reports the account opening date, ending balance, and total deductions taken to date.
Who files this form
Owners of an Iowa first-time homebuyer savings account must include this annual report with their Iowa individual income tax return.
The primary account holder is the person who owns the designated bank account and is eligible for Iowa income tax deductions for contributions made during the tax year.
A secondary account holder is allowed only when spouses jointly own the account and file a joint Iowa individual income tax return.
What you'll need
Have these details and records ready:
- Names and Social Security numbers for the primary account holder, any eligible secondary account holder, and the beneficiary.
- The financial institution’s name and account number.
- The date the account was opened.
- Deposit and withdrawal dates, amounts, and descriptions of how funds were used.
- The year-end account balance after withdrawals.
- Records of all first-time homebuyer savings account deductions taken to date.
You must provide a copy of your ending bank statement if the Department requests it.
How to file
Complete the account holder, beneficiary, and financial institution information. List deposits and withdrawals, including dates, amounts, and descriptions of how funds were used. You may copy the transaction table if you need more space.
Enter the account opening date, year-end balance after withdrawals, and total deductions taken to date.
Include the completed report with your Iowa individual income tax return. The supplied text does not give a mailing address or e-filing instructions.
Common mistakes
- Leaving out the report: Include it with your Iowa individual income tax return.
- Naming an ineligible joint account holder: Joint account holders must be spouses who jointly own the account and file a joint Iowa return. Spouses filing separately must open separate accounts to participate.
- Naming more than one beneficiary: Each account may have only one designated beneficiary, who must qualify as a first-time homebuyer.
- Opening multiple accounts for the same beneficiary: An account holder may not establish more than one account for the same designated beneficiary.
- Exceeding the lifetime deduction cap: Your applicable cap depends on the year you first established a first-time homebuyer savings account.
Questions people ask
Can I be the beneficiary of my own account?
Yes. An account holder may also be the designated beneficiary, but the beneficiary must qualify as a first-time homebuyer.
Can someone be the beneficiary of more than one account?
Yes. An eligible individual may be the beneficiary of multiple accounts. However, no account holder may establish more than one account for that same beneficiary.
How do I calculate total deductions to date?
Add up all first-time homebuyer savings account deductions you have taken. For tax years 2024, 2025, and 2026, the instructions identify IA 1040 Schedule 1, line 19b, code “j” as the deduction location. Include deductions from earlier years in your total as well.
Do I have to provide my ending bank statement?
You must provide a copy if the Department requests it.