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My wife has a 401K through her job, to which we contribute significantly (close to max). I do not have a 401K, but I do have an IRA. I am 44 and she's 46; married filing jointly.

I've been reading through posts here and want to make sure I'm clear: we are allowed to open an IRA for her as well, provided we do not somehow together exceed our earned income (that would be pretty sad if we only had $8000 in earned income anyway). Right? I was always under the impression that her 401K prohibited her from making a deductible contribution to an IRA as well, but I'm beginning to think I was wrong.
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