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 2016, you can contribute up to
$5,500 of your earned income ($6,500 if over 50)
To contribute to a Traditional IRA, you must be under age 70½ at the end of the tax year. You,
and/or your spouse if you file a joint return, must have earned income, such as
wages, salaries, commissions, tips, bonuses, or net income from
self-employment.
Taxable alimony
and separate maintenance payments received by an individual are treated as
compensation for IRA purposes.
Earned income does not include earnings and profits from property, such as rental income,
interest and dividend income, or any amount received as pension or annuity
income, or as deferred compensation.
See
https://www.irs.gov/taxtopics/tc451.html
To report a Roth or Traditional
IRA in TurboTax:
Type in ira
contributions in the search box, top right of your screen, then click
the magnifying glass
Click the jump to ira
contributions link in the search results.
Follow the onscreen instructions to enter
Note: You may be able to contribute to a Roth IRA if over 70 1/2.
