You can set up a Commuter Spending Account anytime during the year to pay eligible transportation and parking expenses with tax-free dollars at an IRS maximum of $255 per month.
Qualified Commuter Expenses
- Qualified Parking – Includes expenses incurred by an employee to park their car on or near the business premise of the company or expense incurred by an employee to park their car on or near a location from which the employee commutes to work.
- Transit Passes – includes expenses incurred for any pass, token, fare card, voucher or similar item entitling a person to transportation to and from work.
- Van Pools – travel between the employee’s residence and place of employment in a vehicle that has seating capacity of at least six adults and at least 80% of the mileage use of such vehicle is for the purpose of transporting employees to and from work.
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