Can you withdraw money for education(college) without penalty?

A Roth IRA distribution that is used for qualified higher education expenses is penalty free. However, the portion of the distribution that represents earnings is taxable unless the distribution is qualified. A Roth IRA distribution is qualified if it is past the initial 5-year period and one of the following four conditions exist: 1. the owner is at least age 59 1/2, 2. the owner is disabled, 3. the owner is deceased, or 4. the owner is a qualified first-time home buyer.

Were you thinking of the Roth education IRA? Recent legislation created a college savings IRA for children. While it is not likely to allow many families to set aside a large enough pool of funds, it has some advantages.

What is a Roth education IRA? Are you referring to a Coverdell Education Savings Account?