Created a IRA account and should i get a $5000 deductions,as stated?

[Marketstar]

Yes, you may be able to increase your refund (or decrease taxes owed) by purchasing a Traditional IRA, and you have until April 17, 2017 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.

See What Is the Saver's Credit ?

For 2015, you can contribute up to $5,500 of your earned income ($6,500 if over 50)

You can determine the effect of adding an IRA contribution by entering it into TurboTax and viewing the difference (if any) on the refund meter .

To report a Roth or Traditional IRA in TurboTax:

• Click My Account (Top right of your screen).

• Select Tools.

• In the pop up window, select Topic Search.

• In the search bar, type in ira contributions.

• Highlight it and select GO, and follow the prompts.