If both you and your spouse have compensation and are under age 70½, each of you can set up an IRA. You can have a traditional IRA whether or not you are covered by any other retirement plan. However, you may not be able to deduct all of your contributions if you or your spouse is covered by an employer retirement plan.

If you and your spouse file a joint return, only one of you needs to have compensation. You and your spouse cannot both participate in the same IRA.