[kristinecfp]

Lefty,

Yes, you can both contribute to traditional IRAs, but the contributions will not be deductible. You're still subject to the annual contribution maximums. Since you don't qualify for the Roth and you won't get the deduction for contributing to a traditional IRA (actually your wife will get a deduction since she does not have an employer sponsored plan), you might consider investing in taxable accounts. With capital gain rates so low, taxable accounts aren't a bad idea. Just allocate your most tax-efficient investments to your taxable account, and your least tax-efficient investments to your retirement accounts.

Good luck!