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