As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020, eligible taxpayers could take COVID-19-related distributions from retirement plans or IRAs during 2020. All of the following statements regarding these distributions are true EXCEPT? COVID-19-related distributions were penalty-free for eligible taxpayers. Eligible taxpayers could take 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 retirement plan (including IRAs) in 2020 could have elected to include 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 must pay a penalty for early distribution.