FAQ's - Parking Benefits

Parking Benefits FAQ's

How do I get my parking benefit?
When you enroll in the Commuter Tax$ave Program you will be asked to identify where you park. If the parking facility accepts the TransitChek QuickPay Card, you will be given a Card for use in paying for parking. If the parking facility currently does not accept the TransitChek QuickPay Card for payment, you will receive a reimbursement check or a direct deposit to your bank account for your parking expenses through our TransitChek CashBack service.

What qualifies as parking for the purpose of receiving a benefit?
There are two types of parking benefits. If you drive to work and pay for parking in the vicinity of, or at your work location, you are eligible to receive a parking benefit. You are also eligible if you use a park and ride facility.

What is a park and ride facility?
A park and ride is a parking facility that is used by commuters to access their primary transit commuting mode such as a train, bus, ferry or subway. It can be a parking lot attached to a rail station, for example, or a private parking facility located within walking distance of the transit stop. A park and ride can also be a parking facility from which an employee parks their car and commutes to work by vanpool or carpool.

Can I get a tax benefit for the costs I incur in parking near or at my residence?
No. You may not receive a parking benefit if you park at or near your residence.

What tax benefit can I get for parking?
Currently, an employee may use up to $245/month, $2,940 a year, of their salary before taxes as a parking benefit.

Can I claim a parking benefit in addition to my transit benefit if I park at a park and ride, and commute using mass transit?
Yes. If you use transit, and pay for parking at a park and ride facility, you can claim both expenses as a tax benefit as long as you do not exceed the limits for each benefit. Thus, if you take the train for $245/month and pay $245/month for the park and ride, you can use up to $490/month of your salary before taxes through the Commuter Tax$ave Program to pay for your commuting expenses.

What is TransitChek CashBack?
TransitChek CashBack is a reimbursement service and is an alternative method of providing parking benefits to Commuter Tax$ave participants utilizing a parking facility that does not accept the TransitChek QuickPay Card.

How do I get a reimbursement check through TransitChek CashBack?
Here’s how it works. Pay for your monthly parking expenses as you normally would. When you pay for your monthly parking, make sure you obtain a receipt, if available, so you can be reimbursed for up to $245 of your parking expense through TransitChek. Use the TransitChek CashBack Reimbursement Form to submit your reimbursement claim. Forms are available on our website, from your employer or you can call to have a form sent to you. Remember to send in your receipts. TransitChek will mail a reimbursement check directly to your home or directly deposit the funds into your bank account usually within two weeks of receipt of your claim.

Can I get a TransitChek CashBack reimbursement check if my parking lot doesn’t provide receipts?
Yes. If you park at a location that does not give receipts such as at metered parking spots or where slot boxes are used you may still file for reimbursement through TransitChek. You will be required to certify that no receipts were available. TransitChek will mail a reimbursement check directly to your home or directly deposit the funds into your bank account.

How much time do I have to file for a TransitChek CashBack reimbursement check?
You should file for reimbursement monthly to ensure that you receive timely reimbursements. However, if you file less frequently please note that IRS regulations do not permit TransitChek to reimburse you for expenses that are older than 180 days from the time at which you incurred the expense.

Do I lose out on the parking benefit if I don’t file for a reimbursement within 180 days of paying for my parking?
No. We will rollover any available funds that you did not file for within the 180 day period. You should also make a benefit adjustment to take account of funds you rolled forward to offset future scheduled payroll deductions.

If I submit a parking reimbursement claim that is less than the funds that I have set aside for one month, will you reimburse me for the remainder of the claim from the following month’s salary deduction?
Federal law prohibits using pretax deductions from one month to pay for parking expenses in another month. You may only be reimbursed for the parking expenses that you incurred in the month that it occurred from the amount of your pretax salary that you deducted for that month.

Will my TransitChek CashBack checks be reported to the IRS as income?
No. The TransitChek CashBack checks are completely tax-free.

 
NEXT PAGE
Overview | How the Program Works | Save Time and Money
Your Commute with Commuter Tax$ave | Commuter Operators Who Accept Commuter Tax$ave Products | Getting Started | FAQ's
Enroll in Commuter Tax$ave
©2012 TransitChek