If I withdraw money from an IRA account in order to pay for school (i.e. hardship), will I be exempt from paying penalties on the early withdrawal?

Yes, education is an exception to the 10% early withdrawal penalty. It does not have to be a hardship. You just need to have paid qualifying educational expenses (tuition, fees, course materials; room & board also qualify if you were a half time or more student) in the same year that you withdrew the money.

Income tax is still due. Only the penalty is waived. TurboTax can handle this.