maximum salary deferrals for 2016
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.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.