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|State||Limit on Deposit||Tax Deduction|
|Alabama||Alabama does not limit the amount of money that can be deposited into the savings account.||The tax deduction is limited to $5,000 ($10,000 for MFJ) per year for up to five years, for a total five-year deduction of $25,000 ($50,000 for MFJ).|
|Colorado||In Colorado, account holders can contribute up to a total of $50,000 in principal, and the account can grow in value up to $150,000. There will be an annual contribution cap of $14,000 ($28,000 if filing jointly). There is no limit on how long the account can exist||Account holders can deduct the amount of taxable interest and/or earnings on a qualified first-time homebuyer Savings account in the tax year claimed.|
|Iowa||Iowa does not have a deposit limit; account holders may contribute an unlimited amount of money, and the funds must be used within ten years of opening the account.||Account owners may exclude from their adjusted gross income contributions to their (FTHSA). The exclusion amount is as follows: $2,137 per year if single and $4,274 if married and the account is jointly opened and maintained. . Additionally, any interest earned on the account is nontaxable.|
|Idaho||Idaho allows account holders up to $15,000 annually ($30,000 for joint account holders and fillers). The maximum account value allowed is $100,000.||The annual savings can be subtracted from Idaho’s taxable income.|
|Minnesota||Account holders can contribute up to $14,000 annually ($28,000 for married filing joint). The maximum amount an account holder can contribute during the lifetime of the account is $50,000 ($100,000 for married filing joint).||Account holders may receive a deduction for interest and dividends earned on contributions to the account.|
|Mississippi||Mississippi limits annual contributions to FHSAs to $2,500 ($5,000 if MJF).||Additionally, account holders may deduct up to $2,500 ($5,000 if MJF).|
|Montana||Montana does not have a limit on the amount of money an account holder can deposit into an account.||Account holders may exclude up to $3,000 annually ($6,000 for those married, filing jointly) for up to 10 years from taxation. Any interest earned on the account is nontaxable.|
|Oregon||Oregon does not have a deposit limit; account holders may contribute an unlimited amount of money to their FHSAs.||Residents of Oregon are allowed a maximum subtraction of $5,000 per year ($10,000 for MFJ) if the account holder earns less than $104,000 ($149,000 for joint filers). Account holders earning more than the threshold amount may still claim the subtraction, but the amount is reduced as specified in Publication OR-17. The maximum subtraction account holders can claim is 50,000 in all tax years.|
|Virgina||Virginia limits the total principal contribution to the FHSA to $50,000 and the total value of the account including interest cannot exceed $150,000.||Interest and capital gain accrued on the account are nontaxable.|
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