Will I have to pay a penalty if I withdraw from my Roth IRA?

If the member is only taking a distribution of their contribution amount they will not be assessed an early withdrawal penalty. However, if they are removing any dividends prior to the age of 59 ½ they would be subject to a 10% early withdrawal penalty and taxes on the dividends earned only. This usually only comes into play if the member is taking a full distribution of their Roth IRA funds.