Peter opened his IRA in 2003 and withdrew money to purchase a house in 2017.Since the distribution qualified as a "qualified first-time-homebuyer expenses," it is not subject to the 10% early withdrawal penalty.

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According to IRS rules, a "qualified first-time-homebuyer expenses" distribution from an IRA is not subject to the 10% early withdrawal penalty. To qualify, the distribution must be used to pay the acquisition costs of a principal residence within 120 days of the distribution. As Peter withdrew money to purchase a house in 2017 and satisfied the conditions mentioned, the answer is true.

Peter Opened His IRA in 2003 and Withdrew Money to Purchase