Fillable Form Ftb-P - First-Time Home Buyer Savings Account

Form Ftb-P - First-Time Home Buyer Savings Account - 2008

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MONTANA

FTB-P

Clear Form

Rev. 10-09

2009 First-time Home Buyer Savings Account

Penalty Calculation

For Self-Administered Individual Accounts

15-63-203, MCA

Taxpayer Information

Your name __________________________________Social Security Number __________________

Account Information

Your first-time home buyer savings account number_______________________________________

Financial institution where your account is held __________________________________________

Mailing address of your financial institution ______________________________________________

______________________________________________

If you have a first-time home buyer account, you have to file your Montana income tax return using

Form 2. All nonqualifying withdrawals from your self-administered first-time home buyers account

(FTB) have to be included as income on Form 2, Schedule I, line 8.

If you made withdrawals from your first-time home buyer account that were not used for the purchase

of your first home, including withdrawals made on the last business day of the tax year, you have

to complete the worksheet below. Nonqualifying withdrawals, other than those made on the last

business day of the tax year, are subject to a 10% penalty.

1. Enter the total from column E of your Montana Form FTB. This amount also has

to be reported on Form 2, Schedule I, line 8. .............................................................1. _________

2. Enter withdrawals that you included in column E of Form FTB that were made on

the last business day in December 2009. ..................................................................2. _________

3. Subtract the amount on line 2 from the amount on line 1 and enter result. ............... 3. _________

4. Multiply the amount on line 3 by 10% (0.10). This is your penalty. Enter this

amount on Form 2, page 2, line 67 and write “FTB” in the space provided. .............. 4. _________

When you file your Montana income tax return electronically, you represent that you have retained all documents

required as a tax record and that you will provide a copy to the department upon request.

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Form Ftb-P - First-Time Home Buyer Savings Account - 2008

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