Hi I amended our return and now owe about $1600. dollars. If I contribute the $1600. to an IRA will I not owe anything

[jerry2000 · Accepted solution]

IRA contributions, if deductible at all, are a deduction, not a credit. They do not reduce your tax dollar for dollar. Not at all. A deductible Traditional IRA contribution will reduce your tax, at most, by the amount of your contribution times your marginal tax rate. For example, if your marginal tax rate is 25%, then a $1,000 deductible contribution will reduce your tax by at most, $250.
Note that ROTH IRA contributions are not deductible and have no effect on your tax.