There's Still Time to Make a 2020 IRA Contribution

On March 29, 2021, the IRS announced that it extended the deadline for making contributions to IRAs for the 2020 tax year from April 15, 2021, to May 17, 2021. This new deadline is now the same as the due date for filing federal income tax returns, which the IRS recently postponed to May 17, 2021.

As a reminder, you can make up to a $6,000 tax-deductible contribution to a Traditional IRA for the 2020 tax year if you qualify for this tax deduction. And if you were 50 or older in 2020, that amount bumps up to $7,000.* You also have until May 17 to contribute to a Roth IRA for the 2020 tax year.

For more information, visit the IRS website.

The announcement applies only to federal income tax filings. It’s important to know that not all states automatically follow federal tax deadlines. You should check for additional information, if any, regarding the current status of the extension in your specific state.

You can see the Contribution Limits pages for both 2020 and 2021 in the Individual Products section. If you have questions, please contact your local Mutual of America representative.

*Contributions may not exceed 100% of your taxable compensation for the year if your compensation was less than these dollar limits.

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 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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