Section 132 Transit and Parking Benefit Limits Remain Unchanged for 2015
November 17, 2014 12:14
Last month, the IRS announced that the 2015 monthly election limits for transportation fringe (transit and parking) benefits will remain the same as the 2014 limits.
For those participating in transportation plans, this means the monthly parking benefit limit will remain at $250 pre-tax, and the monthly transit befit limit will remain at $130 pre-tax.
Here’s a breakdown of how transportation benefits work:
- An employee participating in a transportation spending account can elect to deduct a certain pre-tax amount from each paycheck to pay for transportation in a commuter highway vehicle (a vehicle that sits six or more adults in addition to the driver) or for qualified parking expenses.
- If the employee thinks monthly parking or transit expenses will exceed $250 and $130 respectively, he/she can elect more than these amounts, with anything above the election limits coming out of the paycheck as a post-tax deduction.
Want to know more? The full list of inflation-adjusted items for 2015 can be found here in IRS Revenue Procedure 2014-61.
Since 1999 Core Documents has been providing employers with everything they need to successfully establish a IRS Section 132(f) Qualified Transportation Fringe Benefit Commuter Parking and Transit Benefit plan document for only $99.00. Section 132(f) or the DOL does not require a formal plan document, however many employers prefer to define the new benefit for ease of administration in an affordable plan document, summary plan description, and forms for their employees. For more information about setting up a plan for 2014 click here $99 Section 132 kit for employers.
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