You can withdraw up to $10,000 from a traditional or Roth IRA to buy a first home. You won't be charged the 10% additional tax on early withdrawal if you use the money within 120 days to pay qualified acquisition costs for the purchase of a first home. To qualify, the purchase may be for you or your spouse, or either one's children, grandchildren, parents or grandparents.

You can also withdraw funds from a traditional IRA for certain educational expenses, without the 10% early withdrawal tax. You won't be charged the 10% additional tax on early withdrawal if the amount does not exceed the qualified higher education expenses for you or your spouse or either one's children or grandchildren.