Parking and Transit

Qualified Parking and Transit Benefit (Section 132) - Get a Quote from 24HourFlex

These plans allow employees to use pre-tax dollars to pay for the costs associated with their commutes to work through an employer-sponsored program.

These plans allow employees to use pre-tax dollars to pay for the costs associated with their commutes to work through an employer-sponsored program.  While many parking and transit plans are the same you must check with your employer for the specifics of your company’s plan.

Some of the key features you should know:

• Employees elect to deduct funds pre-tax from their paychecks each month, pay-cycle, or quarter (up to a specified maximum).
• There is a maximum amount that can be contributed and reimbursed per month, currently $230 (as specified by the IRS for 2010).
• Employees submit claims (or use their 24HourFlex debit card) for reimbursement for parking, transit passes, and van pool commuting costs.
• Employees can revoke their election at any time before the start of pay period, month, or other election period as specified by their employer.
• Amounts not used in any period may be carried over to the following period.
• Employees may only be reimbursed for expenses within the past 180 days (so you need to submit your expenses in a timely manner).
• Employees may not be paid out more than they have in their accounts at any time.

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