Michigan – First-Time Home Buyer Savings Program Contributions

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Article: 50592

Overview 

If you contributed to a Michigan First-Time Home Buyer Savings Account in tax year 2024, you may be eligible to claim a state income tax subtraction for those contributions. This is reported on MI-1040 Schedule 1 – Income Additions and Subtractions under the designated section for the First-Time Home Buyer Savings Program. 

What Is the First-Time Home Buyer Savings Program? 

This Michigan program allows individuals to open a designated savings account to save for the purchase of a first home in Michigan. Contributions to the account may be subtracted from Michigan taxable income, subject to limitations. 

You can also subtract interest earned on the account, and in some cases, carry forward unused subtractions. 

Note: Contribution limits and eligibility rules apply. Withdrawals must be used for qualified home purchases to retain tax benefits. 

How to Report 

  1. Navigate to the State Taxes section on the left-hand side of the screen. 
  1. Click the link: I’d like to see the forms I’ve filled out or search for a form. 
  1. In the dropdown menu, select Michigan. 
  1. Click on the General tab. 
  1. Select First-Time Home Buyer Savings Program to open the screen. 
  1. Enter all applicable information.  
  1. Click Save once complete. 

Additional Resources 

For detailed guidance, refer to: 

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