The effect on your tax return for opening an IRA depends on a few factors.
If you elected to open and fund a Traditional IRA, then you must be eligible to make a deductible contribution. If the contribution is deductible, the amount you contribute will reduce your Adjusted Gross Income (AGI) and your taxable income. This would reduce your taxes.
If you chose either a non-deductible contribution to a Traditional IRA or a contribution to a Roth IRA, there will be no effect on the bottom line of your return.
Any of these contributions to an IRA may make you eligible to claim the Saver's Credit if qualified and your income is within the limits allowed for the credit.
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