Commuter Benefits
If you have out-of-pocket commuting expenses for public transportation, vanpooling, or worksite parking, you can save on taxes when paying for the expenses by enrolling in commuter benefits. The Transportation Reimbursement Account lets you set aside pre-tax money through payroll deductions to help you pay expenses related to commuting to and from work.
Your contribution is deducted from your paycheck on a pretax basis and is put into your Transportation Reimbursement Account. You can access the funds in your to pay for eligible commuting-related expenses.
Eligible Expenses
Expenses for commuting to and from work, or paying parking fees at your work location, including:
- Transportation to or from work on a subway, train, bus, ferry, etc.
- Parking at or near your workplace or at a commuter lot where you transfer to a vanpool or mass transit.
Contributions
The maximum contribution is $315 per month to your transit/vanpool account and $315 per month to your parking account.
- You can start or stop your monthly contributions at any time during the year.
- Unused funds roll over into the next month.
- Funds also roll over from year to year.
- If you leave the company and have funds in your account, you will forfeit the unused money in your account.