Jason, age $49,$ recently used $$10,000$ from his IRA to purchase his first home. Which of the following applies?

Jason will have to pay taxes and a penalty for taking a distribution from his account before age $\frac{591}{2}.$

Jason will not have to pay taxes nor a penalty since he is withdrawing money from his own IRA.

Jason will incur a $10\%$ penalty for taking a distribution before age ${50}^{\frac{1}{2}},,$ but he will not have to pay income taxes since he is a

first$-$time homebuyer.

Jason will have to pay taxes on his distribution, but he will not incur an additional $10\%$ penalty since he is a first$-$time

homebuyer.