The IRS released the 2020 pre-tax limits for mass transit and qualified parking. The limits are effective on January 1, 2020.
For 2020, the monthly limit for commuter benefits will be $270. That’s up $5 from the 2019 limit.
Commuter benefits can be used to pay for:
- Water Taxi
- Light Rail
- Rideshare (Uber Pool, Lyft Shared)
- Parking, Meter, Garages and Lots
It’s important to highlight that employees can participate in both a mass transportation and qualified parking.
Watch the video to learn how commuter benefits work:
If you are interested in commuter benefits, download our Definitive Guide to learn more: