For an IRA contribution, you can contribute up to your net income.
You may be able to increase your refund (or decrease taxes owed) by purchasing a Traditional IRA, and you have until April 18, 2016 to do so.
Although the Roth IRA is not tax deductible as is the Traditional IRA, both may qualify you for the Saver's Credit, which may also increase your refund.
If you are using TurboTax Desktop or TurboTax Online Home & Business
- Click on Federal Taxes (Personal if using Home & Business)
- Click on Deductions & Credits
- Select I'll choose what I work on
- Scroll down to Retirement and Investments
- Click on Start/Update next to Traditional and Roth IRA Contributions
