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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.
Early distribution penalty. Subject to various exceptions, if you take a withdrawal from a traditional IRA before you reach age 59Â½, any part of the distribution that is taxable is also subject to a 10% penalty. Instead of taking money directly from a traditional IRA, use a conversion to move it to a Roth IRA.