Hi Zach,
You just need to purchase Reserved Instance that is applicable to the existing VM. Once purchased, the reserved instance discount will be applied to the VM (assuming it is Running and is the only VM that matches the reservation).
In the Azure portal, navigate to Reservations:
Next click Add button, click Virtual machine. After a few moments, it should display recommendations, with an entry that matches (size, region, instance flexibility group, etc.) the existing VM. Change the term to 1 year, change billing frequency (if desired).
Once there is an entry that matches the specifications you would like, select it and click Add to cart, View cart, Review + buy, etc., to complete purchase.
Please see article below for more details on how discount is applied:
How the Azure reservation discount is applied to virtual machines
Please click Accept Answer and upvote if the above was helpful.
Thanks.
-TP