Yes. You can contribute to a Traditional IRA. However, because your wife has a 401(k), this can reduce your Traditional IRA deduction or eliminate it altogether.
Whether or not you
can take a deduction for your Traditional IRA contributions, depends on whether
or not you or your spouse are covered by an employer sponsored retirement plan.
If one or both of you are covered by an employer sponsored retirement plan,
then your deduction might be reduced or eliminated based on your modified
adjusted gross income and your filing status.
To determine your modified adjusted gross
income, please see Worksheet 1-1 on page 15 of Pub 590A. https://www.irs.gov/pub/irs-pdf/p590a.pdf
Please refer to
Table 1-2 and Table 1-3 on page 13 of
Pub 590A to see if your deduction will be limited. If you are collecting social
security, do not refer to these tables. Instead, see page 12 of Pub 590A under "social
security recipients" for more information.
If your deduction
will be limited, then you can use Worksheet 1-2 "figuring your reduced IRA
deduction" on page 17 of Pub 590A, to determine the amount of your
deduction.
