If you have sufficient eligible compensation after having made the $24,000 elective deferral to the 401(k), and you had not reached age 70½ in 2016 or earlier, you can also make a regular personal traditional IRA contribution for 2016 (up to the maximum of $6,500 for being over age 50). However, because you are covered by a workplace retirement plan, your ability to deduct a regular personal IRA contribution may be limited by your modified AGI.
