Self employed, contribute to an existing IRA or do I need to open a new one to reduce my income tax?

[AmyT · Accepted solution]

You can contribute to an existing IRA to get the deduction.

Since you are self-employed, you may also want to consider opening a SEP account.  This may allow you a larger deduction, depending on your self-employed income.  You do have the option to open and fund a SEP through April 18, 2017.