Commuter Benefit Tax Exclusion — Pay Transit and Parking Costs With Pre-Tax Dollars
What Is It?
Qualified transportation fringe benefits can let employees pay eligible commuting costs such as transit or parking with pre-tax dollars, subject to current limits.
What Most People Don’t Know
- Parking and transit have specific monthly limits.
- Availability depends on the employer offering the benefit.
- This is different from a deduction on your own return.