IRA Withdrawals for College Tuition

Lisa, age 50, is considering withdrawing funds from her traditional IRA to pay for her daughter's college tuition. She is concerned about the tax implications and potential penalties. Which of the following is the best advice to give Lisa?

1. She can withdraw the funds penalty-free because the withdrawal is for higher education expenses, but she will still owe income taxes on the distribution.
2. She can withdraw the funds both tax-free and penalty-free because the withdrawal is for higher education expenses.
3. She cannot withdraw funds from her traditional IRA until she is 59½ without incurring both a 10% early withdrawal penalty and income taxes.
4. She can only withdraw funds penalty-free if she repays the distribution within 60 days.