Keyword Analysis & Research: 401k contribution limits 2021 income

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Frequently Asked Questions

What is the 401k tax limit?

The 401k elective deferral limit is $18,000. This limit pertains to the amount of pre-tax money a person can contribute to his 401k, not including employer contributions or earnings on the existing funds in the 401k account.

Is 401k contribution tax deductible?

Contributions you make to your 401(k) plan can reduce your tax liability at the end of the year as well as your tax withholding each pay period. However, you do not actually take a tax deduction on your income tax return for your 401(k) plan contributions.

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