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Traditional IRA distributions are taxable and, unless you're 59 1/2 years old, subject to an extra 10 percent tax penalty. However, if you qualify as a first-time home buyer, you avoid the additional tax, but not regular income taxes, on your distribution. For example, assume you're not yet 59 1/2 years old, that you pay a 25 percent tax rate and that you take a $10,000 distribution for your first home.
The basic idea behind Roth IRAs is to take only distributions that qualify for exemption from tax. Inevitably, though, some people will need to take taxable distributions. This page explains how these distributions are taxed, and what circumstances will permit you to avoid the penalty on early distributions.xample: You withdraw money from a Roth IRA to pay qualified higher education expenses for your child. You pay no tax until the total amount you withdraw exceeds the total amount of your contributions.