I had this same exact problem. Was getting frustrated seeing 3.5 and 4.0 solutions. Turns out you do the same thing, you just have to add a couple lines to the <ConfigSections>
tag in your Web.config. It should be the first element under the root when you paste it in.
<configSections>
<sectionGroup name="system.web.extensions" type="System.Web.Configuration.SystemWebExtensionsSectionGroup, System.Web.Extensions, Version=1.0.61025.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35">
<sectionGroup name="scripting" type="System.Web.Configuration.ScriptingSectionGroup, System.Web.Extensions, Version=1.0.61025.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35">
<sectionGroup name="webServices" type="System.Web.Configuration.ScriptingWebServicesSectionGroup, System.Web.Extensions, Version=1.0.61025.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35">
<section name="jsonSerialization" type="System.Web.Configuration.ScriptingJsonSerializationSection, System.Web.Extensions, Version=1.0.61025.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35" requirePermission="false"/>
</sectionGroup>
</sectionGroup>
</sectionGroup>
</configSections>
and then add in the actual <system.web.extensions>
section:
<system.web.extensions>
<scripting>
<webServices>
<jsonSerialization maxJsonLength="50000000"/>
</webServices>
</scripting>
</system.web.extensions>