Yes, Roth IRAs do have an early withdrawal penalty under certain circumstances. Withdrawals from a Roth IRA are subject to both taxes and penalties if taken before the account owner reaches age 59 ½ and the account has been open for less than five years. The penalty for early withdrawal from a Roth IRA is generally 10% of the amount withdrawn, in addition to any applicable income taxes. However, there are some exceptions to this penalty. One exception is if the withdrawal is used for qualified higher education expenses. In this case, the penalty may be waived, although income taxes may still apply. Another exception is if the withdrawal is used for a first-time home purchase, up to a certain limit. Additionally, withdrawals of contributions (not earnings) made to a Roth IRA can be taken at any time without penalty or taxes. It's important to note that these exceptions are subject to specific rules and limitations, so it's always a good idea to consult with a financial advisor or tax professional for personalized advice.