A WageWorks Commuter Account is a great way to save money on your commute to work. With a WageWorks Commuter Account, you can use tax-free funds to pay for public transportation such as train, subway, bus, ferry, trolley, or vanpool and parking you use as your daily commute to work. Funds are moved to your account before taxes are deducted, which reduces your overall tax burden.
For 2015 the monthly tax-free allowable limits will be:
Transit and eligible vanpooling: $130
Qualified Commuter Parking: $250
Using your WageWorks Commuter Account is as easy as 1-2-3:
1. Decide how much to contribute to your WageWorks Commuter Account based on your monthly public transit and/or parking expenses.
2. Make monthly pre-tax contributions to your commuter account. Funds are moved from your paycheck to your WageWorks Commuter Account before taxes are deducted.
3. Pay for eligible public transit and parking expenses using several no-hassle payment and reimbursement options:
• WageWorks® Commuter Card. Use this card where you pay for transit and parking. You decide how much money to load onto your card each month to cover your monthly commuting costs.
• WageWorks® SmartCards. WageWorks Commuter Account contributions are loaded directly onto transit agency SmartCards where available.
To begin using WageWorks:
• Buy My Pass. Identify which pass you want to buy from which transit or vanpool agency, and it’s delivered to your home.
• Pay My Provider. Access your account online and fill out a simple form to pay your transit agency or parking provider–no receipts or claims forms required.
• Pay Me Back. Get reimbursed for commuting expenses you’ve already paid via direct deposit or a check being mailed to you. (For more information, please visit www.wageworks.com/employees.)