Yes, but there are income limits that dictate how much you can contribute and take the contribution deduction.. If your combined income is $123,000 or less, then you can take the full contribution limit depending on your age. Your wife may do the same.
The contribution limit is $7000 per spouse if both of you are under age 50. If over 50, it is $8000. If your combined income is $123,000-$143,000, there is a partial deduction you may make. Over $143,000, there is no deduction.
Keep in mind, you may both contribute to a IRA up to the contribution limits but if these are over the income limits, the amounts contributed become non-deductible contributions.
Here is a link that substantiates what I have just mentioned.
2024 IRA Deduction and Income Limits if Covered by a Retirement plan at Work
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
