Are you contributing to a traditional or Roth IRA, 401(k), 403(b), governmental 457 or SIMPLE IRA plan? If so, you might be able to take advantage of the Saver's Credit, a tax credit of up to $1,000 ($2,000 if married filing jointly) for certain taxpayers.
The credit is equal to 50%, 20% or 10% of your contribution, depending on your adjusted gross income. The table below shows the income limits to claim the credit for 2020. Saver's Credit for 2020 Credit Rate(% of contribution) MarriedFiling Jointly Head ofHousehold All Other Filers*
Up to $39,000
Up to $29,250
Up to $19,500
$65,001 & up
$48,751 & up
$32,501 & up
*Single, married filing separately or qualifying widow(er).
The tax information contained herein is for informational purposes only. You should consult your financial adviser or attorney regarding your individual circumstances.
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 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.