A coronavirus-related distribution is a distribution that is made from an eligible retirement plan to a qualified individual from January 1, 2020, to December 30, 2020, up to an aggregate limit of $100,000 from all plans and IRAs. There is no similar treatment for a distribution taken in 2021. If the IRA was funded entirely by tax-deductible contributions, then the distribution in 2021 is fully taxable. What’s more, if you are under age 59½, the 10% early distribution penalty applies unless you qualify for an exception to the penalty.
Gross income less allowable adjustments, such as IRA, alimony, and Keogh deductions. AGI determines whether various tax benefits are phased out, such as personal exemptions, itemized deductions, and the rental loss allowance and modified adjusted gross income (MAGI).