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Is there an income tax form that must be filed for a first-time home buyer savings account?

Yes, a Michigan First-Time Home Buyer Savings Account income tax form must be completed and filed with the taxpayer’s MI-1040. Form 5792, Michigan First-Time Home Buyer Savings Program, requires the account holder’s name, the name of the qualified beneficiary, the name of the financial institution and account number, the beginning and year-end balance of the account, and the amount of the deduction claimed for that tax year.