Your phono needs to go through an RIAA equalization circuit. That's why you have a separate phono input- it sends the phono signal through equalization, to make phono playback accurate. Your CD should not go through any equalization circuit, or it will sound terrible. Therefore, you cannot hook up both a phono and a CD to the same input.
If you had two sources that did not need equalization (say, a tuner & a CD player) you could use a y-adapter and just play one source at a time through your one input. Not so with vinyl though.