Emergency-related state tax relief available for taxpayers located in four southwest Michigan Counties impacted by May 2024 storms.
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Is there a penalty for withdrawing funds from a First-Time Home Buyer Savings Account and using those funds for purposes other than to pay or reimburse "eligible costs" associated with this program?
Is there a penalty for withdrawing funds from a First-Time Home Buyer Savings Account and using those funds for purposes other than to pay or reimburse "eligible costs" associated with this program?
Yes, funds withdrawn from an account for any purpose other than the payment of eligible costs by or on behalf of a qualified beneficiary are subject to a penalty equal to 10% of the amount withdrawn unless certain narrow exceptions apply.