Form Ftb-P - First-Time Home Buyer Savings Account - 2005
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1MONTANA
FTB-P
Rev. 11-05
2005 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 ___________________________________________
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 (long form). All non-qualifying withdrawals from your self-administered first time home buyers
account (FTB) have to be included as income on Form 2A, Schedule I, line 9.
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 D of your Montana Form FTB. This amount also has
to be reported on Form 2A, Schedule I, line 9. ......................................................... 1. __________
2. Enter withdrawals that you included in column D of Form FTB that were made on the
last business day in December 2005. ....................................................................... 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 (10%). This is your penalty. Enter this amount
on Form 2, line 65 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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