As part of the Coronavirus Aid, Relief, and Economic Security Ac (CARES Act of 2020, legislation provided for expanded distibution options and favorable tax treatment to COVID-19-related distributions from retirement plans or IRAs during 2020. All of the following statements regarding these distributions are true, EXCEPT:

• Eligible individuals included those diagnosed with COVID-19 or individuals whose spouse or dependent was diagnosed with the illness
• Eligible taxpayers could take penalty-free COVID- 19-related distributions of up to $100,000 from retirement plans or IRAs during 2020.
• Taxpayers who took COVID-19-related distributions from a relirement plan (including IRAs in 2020 could have elected to inciude taxable amounts in their income ratably over a three- year period.
• Taxpayers who took COVID-19-related distributions from a retirement plan (including IRAs) in 2020 were subiect to a 10% penalty for early distribution.