The IRS released the 2021 pre-tax limits for mass transit and qualified parking. The limits are effective on January 1, 2021.
For 2021, the monthly limit for commuter benefits will be $270. That’s the same amount as 2020.
Pre-tax 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 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: