Can I withdraw money from my IRA and not pay a tax penalty due to the CARES ACT ?

Yes, the early withdrawal penalty of 10% would be waived under the CARES Act for 2020 for withdrawals of $100,000 or less.  

 

That does not reduce or take away any income tax liability due to your withdrawal, only the early distribution penalty is waived.

 

Thank you @dmertz for adding the distinction that the distribution must be a qualified Corona-virus related distribution.  Exactly what that means has not yet been defined by the IRS to my knowledge.  

 

@dwwill45

 

[edited 5/22/2020 | 8:51 am PST]

The answer is not an unqualified Yes.  Only individuals who are eligible and receive a Coronavirus-Related Distribution (CRD) qualify for this exception to the 10% early-distribution penalty on that distribution.

https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-answers