Can I still make an IRA contribution for the 2016 tax year?

[This article was archived on 4/18/2017.]

ClockYes, you have until April 18, 2017, to make up to a $5,500 ($6,500 if you were age 50 or older in 2016) tax-deductible contribution to a Traditional IRA for the 2016 tax year, if you qualify for this tax deduction.*

You also have until April 18, 2017, to contribute to a Roth IRA for the 2016 tax year. Of course, you can contribute to an IRA for the 2017 tax year as well.

To contribute to your existing Mutual of America Traditional IRA or Roth IRA, both individual variable annuity contracts, log in to My Account today. Or to contribute to a new Traditional IRA or Roth IRA, visit Individual Products. If you have questions, please contact your local Regional Office representative or call 1-800-468-3785.

*

Contributions may not exceed 100% of your taxable compensation for the year if your compensation was less than these dollar limits. For more information, please visit the 2017 Contribution Limits.

 

Source: Internal Revenue Service


Before investing, you should carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract and the underlying investment funds. This and other information is contained in the contract prospectus and underlying funds prospectuses and summary prospectuses. Please read the prospectuses and summary prospectuses carefully before investing. The prospectuses and summary prospectuses can be obtained by mail or by calling 1-800-468-3785.

Mutual of America's IRAs are individual 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 funds 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 IRA by applicable tax law. You should carefully consider a variable annuity contract’s other features before making a decision.



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