What qualifies as a vanpool?
Per IRS regulations, a vanpool refers to a commuter highway vehicle, which is any highway vehicle with: A seating capacity of at least six (6) adults (excluding the driver) At least eighty percent (80%) of the mileage for a year is reasonably expected to be used: For purposes of transporting employees in connection with travel […]
Can I use the funds in my commuter benefit account for bike sharing services?
The short answer is no. Bike sharing services are not an eligible expense. While bike sharing services promote a healthy lifestyle, they are not an eligible expense under a Mass Transit Account or Parking Account. Commuter Benefits are permitted and governed under Section 132(f) of the Internal Revenue Code. It indicates that pre-tax deductions can […]
How much can I set aside in a Mass Transit Account on a tax-free basis each month?
Your maximum tax-free election for qualified mass transit expenses, as set by the IRS, is: $280/month for 2022 $270/month for 2021 $270/month for 2020 $265/month for 2019
What mass transit expenses are eligible to be paid under a Commuter Benefit Plan (CBP)?
Workplace mass transit expenses are eligible to be paid under a CBP if they are in a commuter highway vehicle (e.g. vanpool) or on mass transit facilities (e.g. bus, train, subway, ferry), and if such commuting is in connection with travel between a residence and place of employment. This includes expenses for any pass, token, […]
