- Open up the Lyft or Uber app on your smartphone.
- Select Commuter Benefits as your payment method and add your card information.
- When you are ready to schedule your ride, open your app and choose your destination.
- Select your prepaid card as your payment method.
- Select the eligible shared ride option
How do commuter benefits save me money?
Why you should offer commuter benefits to your employees?
- Employees save on commuting costs while employers save on payroll taxes.
- A great benefit that helps attract, retain and reward employees.
- Easy, hassle-free sign up leaves more time for other important tasks
- Helps create a happier, less stressed and productive work environment
How much do you save with commuter benefits?
Commuter Benefits in a Nutshell: A company implements a commuter benefit program. Employees are enrolled to take advantage of the benefit. Employees use up to $270 tax-free dollars to go to work and back. Employees save $700 per year and companies save $40 per month for each employee.
Can I pay for parking with my commuter benefits funds?
You can use commuter benefits funds to pay for parking your vehicle on or near your employer's business premises, or at a location you use to commute to work. However, you can't use funds to pay to park for personal reasons, or for your spouse or dependent to park. Eligible parking expenses include: Parking Meters.
How do I cancel my commuter benefits?
- From the navigation menu, click Employee Self Service, then Payroll and Compensation, then Deduction Information, then click the Commuter Benefits link. The Commuter Benefits page appears.
- Click the Cancel Comm Benft button. A Confirm dialog box displays. ...
- The Confirm dialog box appears. ...
- Your current and pending changes are displayed for your review. ...
How do you use unused commuter benefits?
Any unused commuter benefits funds will be returned to the company's bank account. Per IRS regulations, your employer can't refund your unused commuter benefits funds back to you. However, you can submit claims for eligible expenses incurred during employment for up to 90 days.
How do I get unused commuter benefits back?
Under federal rules, any unused funds for transit benefits cannot be returned to commuters, though the money can usually be rolled from one year to the next depending on an employer's specific plan. Some employers may charge fees to do so.
Do commuter funds expire?
Commuter benefits funds do not expire unless you leave your company. These funds will continue to rollover month to month, year to year, as long as you're still at the same company. However, when you leave the company, any unused funds in your account will be returned to the company.
Are pre-tax commuter benefits use it or lose it?
The pre-tax transit or vanpool benefit is not a "use it or lose it" benefit. It is intended to be deducted and used each month. However, since employers capture the payroll deductions upfront, the employee uses the deductions on a rolling basis.
Can you roll over transit FSA?
Do my unused Transit or Parking funds rollover from month to month or plan year to plan year? Yes. However, there is currently a monthly benefit maximum of $280.
Do commuter benefits expire WageWorks?
If your employer has the Commuter Account Model or Commuter Express benefit program, any scheduled recurring order will be cancelled on the date of your termination or the date that WageWorks receives your termination date from your employer—whichever date is later.
Can you withdraw money from WageWorks?
You can withdraw funds directly from your HSA to pay for eligible expenses. This option works just like an ATM, but without the ATM fees. You may also have HSA funds directly deposited into your bank account or a check mailed to you.
Are commuter benefits reported on W-2?
How do I know that my commuter benefit (pre-tax transit) was properly recorded? It is not a deduction, it is an exclusion from income. The result is the same. If you entered the W-2 correctly, it should be excluded as your employer should have already excluded it from taxable wages on your W-2.
What is commuter benefit?
What are Commuter Benefits? The formal designation for federal commuter benefits is the “Qualified Transportation Fringe Benefit .”. It consists of a voluntary benefit program, regulated by IRS Code Section 132 (f), that allows employers to provide pre-tax transportation benefits to their employees.
What are the benefits of being a commuter?
Commuter Benefits – Tax Savings, Expenses, Advantages, and More. For most people, the transportation costs associated with getting to and from work aren’t in the same ballpark as healthcare costs. Yet, fuel costs, vehicle maintenance, parking fees, transit fares, and other associated expenditures can still add up to a sizeable expense for many.
How does a transit card work?
The card connects directly to a specific account funded by employee contributions and deducts the money whenever a purchase is made for commuter expenses. This can help account holders keep better track of their transit purchases, and they don’t have to worry about filing claims for reimbursement.
What are qualified expenses for a commuter?
Qualified expenses include: Riding in a commuter highway vehicle (vanpool) between the employee’s home and place of employment. A transit pass. Qualified parking. At one time, there was a bicycling commuter benefit. However, due to tax reform legislation, the bicycle benefit no longer offers a tax break.
Why do employers save on pre-tax contributions?
Employees save on pre-tax contributions to their commuter plan because it reduces their total taxable income.
What is transit pass?
Transit Pass. Any pass, token, fare card, voucher, or similar item for mass transit (bus, subway, train, ferry) OR a vehicle (operated by a third party) that sits at least 6 people, not including the driver. Parking. Parking lot fees for a lot that is located near the business premises. Commuter highway vehicle.
Do commuter benefits have to be included in payroll taxes?
These qualified commuter benefit expenses offer tax advantages to employers and their employees. Employers do not have to include them as part of an employee’s wages when calculating payroll taxes. Meanwhile, the expenses are excluded from an employee’s gross income for income tax purposes.
What are commuter benefits?
Commuter Benefits allow you to set aside pre-tax dollars from your paycheck to pay for qualified commuting expenses, such as a monthly train pass and parking at the station. Because contributions are deducted from payroll on a pre-tax basis they are not subject to income tax withholding 1, or payroll taxes such as Social Security and Medicare ...
What is transit account?
Transit accounts help you pay for public transportation expenses, such as bus, train, ferry, subway or vanpool, when travelling between your home and workplace. Parking accounts help you pay for parking expenses at or near your workplace, or near whichever form of public transportation you use to get to work.
Can you use commuter benefits for expenses?
Remember, Commuter Benefits are for your use only, and accounts cannot be used for expenses incurred by your spouse or dependents.
Can you roll over commuter benefits?
Any unused funds in your commuter accounts roll over from month-to-month. If you leave your employer, you will have an employer-defined run-out period to submit any expenses incurred during active employment. Any remaining funds will be forfeited. If you are not spending your full contribution each month, you may want to reduce or stop your contributions. Remember, Commuter Benefits are for your use only, and accounts cannot be used for expenses incurred by your spouse or dependents.
Does Bank of America debit card go against health and benefit account?
Simply swipe your debit card and the charges go against the appropriate health and benefit account based on your enrollment and the merchant code for each transaction. When you pay with your Bank of America Health and Benefit Account Debit Card, there’s no need for receipts or waiting around for reimbursements.
Can a business start with just one employee?
Businesses can start with just one employee. Commuter benefits are also an excellent fringe benefit that will help attract and retain employees. If you want to start saving money on your commute, then you should ask your employer today about signing up for commuter benefits.
Is commuter benefit pre-tax?
Commuter benefits are pre-tax. Once enrolled, you have the monthly cost of your commute deducted from your pay before paying taxes. Meanwhile, your employer saves up to 7.65 percent on payroll tax. Spend the benefit on the way you commute; Drivers, for example, can pay for parking costs.
Can you give a stipend to employees who travel to work?
If your employees tend to travel to work via taxi or ride-sharing services, you can provide a monthly or annual stipend to help offset the cost of using these services to get to and from work.
Can you give perks to carpooling?
You can offer perks to employees who choose to carpool together. For example, you could give a monthly fuel allotment to groups who regularly commute to work together and help to organize carpooling groups for your employees.
Communicate commuter options
Commuter benefits let participants set aside dollars before they’re taxed to pay for their expenses related to commuting to and from work. These expenses can include mass transit, vanpooling and parking.
Simplify savings with debit card
We live in a single-swipe society! Three-quarters of all purchases made in the United States are by credit card and debit card. That’s how today’s consumers make payments, so it’s critical to provide them with a benefits experience that aligns with their habits.
Encourage schedule flexibility
Flexible work arrangements are already growing in popularity as a way for employers to support employees who are juggling family responsibilities along with their jobs. The traditional 9-to-5 schedule can also be a challenge when juggling mass transit schedules.
Create drop-off locations
If you’ve attended a sporting event or concert in recent years, you may have noticed specific spots right by the stadium or arena for Uber and Lyft drivers to drop off passengers.
What are Commuter Benefits?
Commuter benefits give employees the opportunity to use tax-free dollars on commuting costs and keep more of what they earn in their paycheck. Companies that offer commuter benefits
Commuter Benefits eBook
Download our free Commuter Benefits 101 Guide: A complete guide to understanding how commuter benefits work, designed for HR professionals and benefit managers.
Current Commuting Solutions
Public Transit includes bus, train, subway and ferry services. We offer many options to pay for public transit such as our prepaid card, smart cards and transit passes.
Payment Methods
Our prepaid card can be used to pay for public transit, parking, Uber/Lyft, bike share, and e-scooter sharing. It’s fully integrated into your commuter benefits account.
Ordinance
Many cities and regions have recently passed mandatory commuter benefit ordinances.
Ready to Get Started?
Contact our sales team to learn more about commuter benefits and our Wired Commute programs.
Employer Calculator
Employers save an average of $40 per month for each participating employee. If 50 employees participate over 12 months,
What cities have commuter benefits?
Offering a commuter benefits program is legally required in a growing number of locations. These ordinances require businesses with a certain number of employees to offer pre-tax commuter benefit programs. The following cities or regions have an ordinance in place: 1 Seattle 2 New York City 3 Washington, DC 4 Berkeley and Richmond 5 San Francisco Bay Area 6 Coming soon – Los Angeles and New Jersey
What is a commuter check for parking?
Commuter Check for Parking Vouchers. These vouchers are made payable to the parking provider of your choice and can be used to pay for parking expenses. Commuter Check for parking vouchers may be used to purchase one or more types of parking, and you can order as many vouchers as needed for multiple parking providers.
How much do you save on transit?
On average, employees save $700 each year, or more when they set aside up to $270.00 a month to pay for transit commuting expenses. Below is an estimated tax savings for someone who uses commuter benefits for transit and parking expenses.
How to reimburse yourself for medical expenses?
How to Reimburse Yourself for IRS-Qualified Medical Expenses With Your FSA or HRA 1 The claim is automatically processed, and you are reimbursed directly from your consumer-directed health accounts based on employer plan stacking rules, consumer eligibility, and available account balances, or; 2 Sent to your Expense Tracker, where you can choose whether to pay from your FSA or HRA. The Expense Tracker can be accessed from either the Member Website or the Mobile App for iOS and Android devices.
Do commuter benefits have to be paid in a tax year?
These accounts enable you to pay for certain workplace transit and parking expenses on a tax-free basis through payroll deductions. Commuter Benefits are not tied to a benefit year, so the funds will remain in your account until exhausted.
Can an employer contribute to an HRA?
A HRA is an employer-funded plan, so only your employer can contribute money to your account. To pay for a service or make a purchase, you need to have the available funds in your account. Your employer may allow you to roll over unused HRA funds from year-to-year, providing a potential incentive for you to be a better steward of your healthcare spending.
Return to Office
Whether your plans are to return to the office full time, hybrid or full remote, our unique benefit offerings can help increase morale and productivity in your workplace.
Employers
Employee engagement is top of mind for today’s benefit administrators. No one wants an unengaged team — it’s less profitable for the company, and employee turnover can be extremely high. Offering a commuter benefit will boost employee loyalty, attract new talent and save your company money.
Employees
Commuter benefits help you pay for your commute to and from work using pretax dollars, which saves you money on your taxes each year. You can use commuter benefits for transit, rideshares and qualified paid parking.
Does Your City Mandate a Commuter Benefit?
Offering a commuter benefits program is legally required in a growing number of locations. We have the resources you need to be compliant and deliver a great benefit to your employees. The following cities or regions have an ordinance in place: Seattle, New York City, Washington, DC, Berkeley and Richmond, San Francisco Bay Area, New Jersey.