The program told me I could qualify for a 5500 deduction by purchasing an IRA. I thought you had to work in order to get an IRA. I only worked a few hours last yr.

[rainydaze · Accepted solution]

You may qualify for a deduction up to $5,500 assuming 1) you qualify for the deduction (there are income limits based on your filing status and income) and 2) you have earned income.  You cannot contribute more than your earned income to an IRA.  If your income was only $300, then you could only contribute (and deduct up to) $300.