Iowa Code 541B.7 – Rules and forms
Current as of: 2024 | Check for updates
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Terms Used In Iowa Code 541B.7
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- year: means twelve consecutive months. See Iowa Code 4.1
541B.7 Rules and forms.
1. The department shall adopt rules to implement and administer this chapter.
2. The department shall create and make available forms to be used in complying with this chapter, including but not limited to the following:
a. A form for designating an account as a first-time homebuyer savings account pursuant to § 541B.3, subsection 1, paragraph “”a””.
b. A form for designating an individual as beneficiary of a first-time homebuyer savings account pursuant to § 541B.3, subsection 2, paragraph “”a””.
c. A first-time homebuyer savings account annual report as required in § 541B.4, subsection 3, paragraph “”a””. The report shall require, at a minimum, a list of transactions occurring on the account during the tax year, and shall identify any supporting documentation to be included with the report or maintained by the taxpayer.
d. A transaction report as required in § 541B.4, subsection 3, paragraph “”c””, which report shall require, at a minimum, information regarding the eligible home costs to which any withdrawn funds were applied in connection with a qualified home purchase, and information regarding the amount of funds remaining, if any, in a first-time homebuyer savings account.
2017 Acts, ch 116, §9
1. The department shall adopt rules to implement and administer this chapter.
2. The department shall create and make available forms to be used in complying with this chapter, including but not limited to the following:
a. A form for designating an account as a first-time homebuyer savings account pursuant to § 541B.3, subsection 1, paragraph “”a””.
b. A form for designating an individual as beneficiary of a first-time homebuyer savings account pursuant to § 541B.3, subsection 2, paragraph “”a””.
c. A first-time homebuyer savings account annual report as required in § 541B.4, subsection 3, paragraph “”a””. The report shall require, at a minimum, a list of transactions occurring on the account during the tax year, and shall identify any supporting documentation to be included with the report or maintained by the taxpayer.
d. A transaction report as required in § 541B.4, subsection 3, paragraph “”c””, which report shall require, at a minimum, information regarding the eligible home costs to which any withdrawn funds were applied in connection with a qualified home purchase, and information regarding the amount of funds remaining, if any, in a first-time homebuyer savings account.
2017 Acts, ch 116, §9