Federal Tax-Day Deadline Extension

State deadlines vary, and some have been extended.

On March 17, the Treasury Department and the Internal Revenue Service (IRS) announced that the federal income tax filing due date for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021, as part of its response to the coronavirus crisis. The announcement also stated that individual taxpayers and businesses will not be subject to interest or penalties, regardless of the amount owed, during the one-month extension.

As a result of the disaster declarations issued by the Federal Emergency Management Agency (FEMA) earlier this year, the IRS announced that states affected by the February winter storms—namely, Texas, Oklahoma and Louisiana—have until June 15, 2021, to file various individual and business tax returns and make tax payments. The extension to June 15 for those taxpayers affected by the February winter storms was not changed by the overall filing extension to May 17.

You should check with your state tax authority for information about how, or if, these extensions apply to state filing and payment deadlines.

You should consider the investment objectives, risks, and charges and expenses of the variable annuity contract and the underlying investment funds carefully before investing. This and other information is contained in the contract prospectus or brochure and underlying funds prospectuses and summary prospectuses, which can be obtained by calling 1-800-468-3785 or visiting mutualofamerica.com. Read them carefully before investing.

Mutual of America's group and individual retirement products are variable annuity contracts and are suitable for long-term investing, particularly for retirement savings. The value of a variable annuity contract will fluctuate depending on the performance of the Separate Account investment options you choose. Upon redemption, you could receive more or less than the principal amount invested. A variable annuity contract provides no additional tax-deferred treatment of benefits beyond the treatment provided to any qualified retirement plan or IRA by applicable tax law. You should consider a variable annuity contract's other features before making a decision.

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