TurboTax said I can reduce my taxable income by opening and contributing to an IRA. Since I have one, can I contribute to my existing IRA, or do I have to open another?

[VolvoGirl · Accepted solution]

Yes you can contribute to your existing IRA.  Check with the bank or the broker.  It's better to keep all your IRA in one account.  You need earned income from wages to contribute.

[macuser_22]

Only Traditional IRA'a are deductible, not Roth.

[Carl]

Note that the contribution must be made before you file your taxes, and it's super-duper important that you make absolutely certain it is designated as a 2017 contribution. If you don't do that, then it's a 2018 contribution against your 2018 income, and it will really mess you up with taxes next year.

[VolvoGirl]

You don't have to contribute before you file your return.  I think that's why they let you contribute up to April 1 so you can use your refund.

[VolvoGirl]

See 590A page 10.  You can even have your refund deposited to it.  <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p590a.pdf">https://www.irs.gov/pub/irs-pdf/p590a.pdf</a>

Filing before a contribution is made. You can file your
return claiming a traditional IRA contribution before the
contribution is actually made. Generally, the contribution
must be made by the due date of your return, not including
extensions.

[macuser_22]

It is by the due date of the return, April 17 this year, not April 1.

Of course if you file before making the contribution and deduct it, but fail to actually contribute before the due date, the  you must amend to remove the contribution.