Montana – First-Time Home Buyers Savings Account 

Table Of Contents

Article: 50545

Overview 

Montana allows eligible taxpayers to subtract contributions and interest earned in a First-Time Home Buyer Savings Account (FTHBSA) from their taxable income. This tax benefit encourages savings for the purchase of a first home. 

To claim this benefit, you must complete the First-Time Home Buyer Savings Account form as part of your Form 2 state return. 

Who Qualifies? 

You may claim the deduction if: 

  • You contributed to a qualified First-Time Home Buyer Savings Account during the tax year. 
  • The account was properly designated for first-time homebuyer purposes with your financial institution. 
  • Withdrawals (if any) were used for qualified home purchase expenses. 
  • You have not previously owned or purchased a home as a primary residence. 

Note: Qualified withdrawals include down payments and eligible closing costs. 

How to Report 

  1. Navigate to the State Taxes section on the left-hand side of the screen. 
  1. Click the link: I’d like to see the forms I’ve filled out or search for a form. 
  1. In the dropdown menu, select Montana. 
  1. Click on the Other tab. 
  1. Select First-Time Home Buyers Savings Account to open the screen. 
  1. Enter all applicable information.  
  1. Click Save once complete. 

Additional Resources 

For further guidance, see:  

2024 Montana Form 2 Individual Income Tax Instructions (PDF) 

Tags
state tax form tax credit tax deduction dependent estimated tax schedule k1 health insurance irs form refund tax return