<prompt> Human: I am a 30M, married filing jointly, and combined my wife and I only made 57,000 last year. We have no children or investment accounts at this time and our only deduction was our student loan interest which capped at 2500.I have yet to invest in my companys 401k as they have terrible matching and you must be vested for 3 years before they will do so. The chances or me staying with this company is very slim as it is my first real professional job and is more of an entry level, gain some experience and move on kind of experience.I have a good 16,000 emergency fund saved up from the last year and Im ready to start doing something with the money.My question is, if I open a new IRA and contribute 5500 into it before April 15, can I still deduct the amount for my 2014 return even though the account was opened in 2015?We asked a TurboTax representative and they said that we could. However, a friend of ours in the IRS said that we could not unless the IRA was opened last year. Do any of you have the answer? My google-fu has been weak and Im getting mixed info from multiple professional sources.  <response>: Yes, you can open and contribute to an IRA any time before the tax-filing deadline for that year. 