Maliha withdraws $⁢2,000 from a Roth IRA for a first-time home purchase at age 35 How much will they owe in penalties, assuming no other exceptions apply?

The usual penalty for an early IRA withdrawal is 10%, but a first-time home purchase is an exception for up to $10,000 of eligible withdrawals. Since Maliha withdraws $2,000, the entire amount is within that limit, so they owe $0 in penalties.

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