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If youâre 49 or younger: If you each contribute $17,000 tax-deferred to your respective 401k plans then as a couple you would have reduced your taxable income by $34,000.
It is then invested according to the rules of the plan. The employer as a benefit to the employee, has the option of matching a portion of the salary deferral. The IRS has instituted yearly limits as to how much salary an employee can contribute to a 401k plan. You can contribute up to $17,500 for 2014.If you are age 50 or older in 2014, you can contribute an additional $5,500 for a total of $23,000. The 401k limits for 2015 have been released by the IRS and they are increased to $18,000.If you are age 50 or older in 2015, you can contribute an additional $6,000 for 2015 for a total of $24,000.f you are age 50 or older in 2014, you can contribute an additional $5,500 for a total of $23,000. The 401k limits for 2015 have been released by the IRS and they are increased to $18,000.