You may open and contribute to a Traditional IRA, which is a retirement account and allows you to save money. You may be able to deduct the contributions that you make to a Traditional IRA, if you qualify. You can enter the contributions that you make to your Traditional IRA in your tax return, to get the deduction which may lower your taxable income.
The most you can contribute to all of your Traditional IRA is the smaller of: $5,500 ( $6,500 if you're age 50 or older by the end of the year) or your taxable compensation for the year.
The deadline to make 2017 IRA contributions is until April 17, 2018.
Remember, any deductible contributions and earnings you withdraw or that are distributed from your traditional IRA are taxable. Also, if you are under age 59 ½ you may have to pay an additional 10% tax for early withdrawals.
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Who can open a Traditional IRA,
https://ttlc.intuit.com/replies/3302154
To enter in TurboTax, see below:
https://ttlc.intuit.com/replies/4792466
