In addition to being eligible to make a regular traditional IRA contribution (which may or may not be deductible depending on your MAGI and filing status), you also have the option to open and contribute to a SEP-IRA and take a self-employed retirement deduction. TurboTax will automatically calculate the maximum permissible SEP contribution when you mark the Maximize box for a SEP contribution. Reach this section under Business Items -> Business Deductions and Credits.
