If you made contributions to a Traditional IRA in 2016, you can deduct these contributions on your tax return if you meet the requirements. Additionally if you made or plan to make contributions to your Traditional IRA between January 1, 2017 and April 18, 2017 AND designate these contributions for 2016, you can also deduct these contributions if you meet the requirements. Please refer to the following Turbo Tax article under the heading, "are you eligible for a tax deduction" to learn more. https://turbotax.intuit.com/tax-tools/tax-tips/Investments-and-Taxes/Deductions-Allowed-for-Contribu...
If you made a contribution to a Roth IRA, these are NOT tax deductible.
A tax credit for making contributions to Traditional IRAs and Roth IRAs, is the retirement savings contribution credit. If you made contributions to a Traditional IRA or a Roth IRA in 2016 and/or if you made or plan to make contributions to your Traditional IRA or Roth IRA between January 1, 2017 and April 18, 2017 AND designate these contributions for 2016, you can qualify for this credit if you meet all the requirements.
Please refer to the following Turbo Tax article under the headings, "which retirement accounts qualify for the credit" and "am I eligible", to learn more. https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/What-Is-The-Savers-Credit-/INF15617.html
