This year, 401k contributions are capped at $17,000 per person.
So let's say somebody contributes this amount and is matched maybe 8% by their employer each contribution period.
Can the total amount be greater than $17,000? At 8% match, I think it would be $18,360.
The reason I ask is because for tax deduction purposes, the person did only contribute $17,000 and can only deduct $17,000 from income taxes, whereas their employer matched the rest.
Thanks for any insight.