what is the maximum 401k contribution
The maximum amount of contributions a person can make to his or her 401(k) plan is set each year by the IRS. For the year 2016, people can contribute up to $18,000 as an elective salary deferral to a 401(k) plan.Additionally, if you are age 50 or older, you can contribute an additional catch-up contribution of $6,000.This 2016 contribution is the same limit as applies in 2015.The 401(k) limit applies to all 401(k) accounts you might have for the current year.or the year 2016, people can contribute up to $18,000 as an elective salary deferral to a 401(k) plan. Additionally, if you are age 50 or older, you can contribute an additional catch-up contribution of $6,000.