First-time Home Buyers and the IRA

[Guest tykelle]

Hi there,

A while ago I openned two IRA accounts. One Roth...One Traditional. I am planning on buying my first home next year and want to use my IRA for my down payment. I know that this will entitle me to a penalty distribution of the monies in this account but I wanted to know which one I should withdraw the full $10K from. Am I charged my current tax rate (upon withdrawal) if I pull from the Roth IRA or what? Can someone please explain the pros and cons for withdrawing from either on for my downpayment?

THanks in advance!