Can someone please help me? If an individual wishes to withdraw contributions only from a Roth IRA for the purpose of purchasing a home as a first time homebuyer, but the IRA has only been in existence for four years, what would be the penalty?
Would you only have to pay the 10% early distribution, would you have to consider these monies as income along with the 10% early distribution penalty, or would this be considered a qualified distribution? Any help on this matter would be greatly appreciated. Thanks

If you are talking about withdrawing the $2,000 per year contributions, those can be withdrawn at any time, for any purpose, without tax or penalty.

I need a basic primer on the distribution phase of Roth IRA's. I understand that the owner of the Roth can withdraw funds tax-free. What about the owners beneficiaries?