Yes it can. Depending on your income, contributions to retirement accounts can produce a double-benefit. First they can produce a deduction. If the contribution qualifies as a tax-deductible contribution, it will reduce your taxable income by the amount of the contribution, and you will see a benefit of 10, 15, or perhaps even 25 percent of the contribution, depending on your tax bracket. See this FAQ: https://ttlc.intuit.com/replies/3301534
Your contribution can also qualify for the Savers Credit. If your income is in the qualifying range, you can receive an additional credit of 10, 20 or 50 percent of the first $2,000 of your contribution. (If you are married, each of you may qualify for the credit). Please see this FAQ for more information: https://ttlc.intuit.com/replies/3301263
If you have contributed to a work 401K, you received the deduction part of the savings through the pre-tax contribution which lowered your taxable income. But you are still able to take the credit off of that contribution if you qualify. If you look to contribute to an IRA, you have until April 18 to make the contribution and receive possibly both benefits. You can claim the contribution now, even though you haven't made it yet. (But, of course, you will need to contribute it to your IRA has a 2016 contribution by informing your plan administrator of this.)
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