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Level 1

TOOK OUT $10000 AT AGE 55 TO BUY A HOUSE, DO I STILL HAVE TO PAY PENALTY 10%?

 
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Level 11

TOOK OUT $10000 AT AGE 55 TO BUY A HOUSE, DO I STILL HAVE TO PAY PENALTY 10%?

What did you take it out of?  IRA or 401K?
Level 1

TOOK OUT $10000 AT AGE 55 TO BUY A HOUSE, DO I STILL HAVE TO PAY PENALTY 10%?

If you take the money out of an IRA, and this is your first house, then the 10% penalty can be excluded.  First house means you have not owned a primary residence for 2 years before the purchase closing date.  

If you took the withdrawal from anything but an IRA, you do owe the penalty.