Commuter Benefit Accounts (CBA) allow you to pay for certain work-related mass transit and parking expenses using pre-tax payroll deductions. By participating in a CBA, you can save up to 40% in taxes on eligible transit expenses.
The 2019 spending limit for a mass transit account is $265 per month, $3180 annually. In order to be considered an eligible expense, mass transit must occur in a commuter highway vehicle (such as a bus, train, subway, vanpool) and be used to travel between a residence and location of employment. Ridesharing services such as Lyft Line and UberPool are considered eligible expenses.
The 2019 spending limit for a parking account is $265 per month, $3180 annually. In order to be considered an eligible expense, parking must occur near the business premises of the employer or near a mass transit location. Parking for residential purposes is not considered an eligible expense.
A CBA allows you to stop or change your monthly election by submitting an election change form. Please speak with your employer about changing or stopping your payroll deductions.