[kcrc]

From Gleim:

“Qualified Transportation Fringe Benefits:

a. Up to $125 a month may be excluded for the value of employer-provided transit passes and transportation in an employer-provided ‘commuter highway vehicle’.

b. Additionally, an exclusion of up to $240 per month is available for employer-provided parking.

c. EMPLOYEES may use both of these exclusions.”

I work for a company where I have to park a mile away from the office and take a company bus to the office. There is a parking garage available at the office for employees with more seniority that the company charges $20 a month to park. I don’t get charged to take the bus in, but item C makes me think that this rule is for my benefit and not the employer’s. My question then is can I “exclude” $365 each month from my gross income and where can I exclude it on the 1040?

Thanks!

[mla1169]

If your employer isn't adding the amount they pay for these benefits to your W-2, theres nothing to exclude. The rule means you don't get taxed on that amount as if it were income. Sounds like they're not including it in your income anyway.

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Massachusetts CPA (non reporting) since 3/12.

[Author]

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