Designation limits
The amount of elective deferrals which an employee may designate under paragraph (1) shall not exceed the excess (if any) of—
(A)#
the maximum amount of elective deferrals excludable from gross income of the employee for the taxable year (without regard to this section), over
(B)#
the aggregate amount of elective deferrals of the employee for the taxable year which the employee does not designate under paragraph (1).