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Transportation Spending Account Program Enrollment and Change Form
Quick guide on how to complete transportation spending account program enrollment and change
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People also ask
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Is commuter FSA use it or lose it?
#4 There's no annual 'use-it-or-lose-it' rule. Money you contribute to your commuter benefits will stay available through the next year and beyond.
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Do FSA commuter benefits expire?
Commuter benefit contributions don't expire at the end of the plan year, so account holders can retain access to previously unused commuting expenses. However, once the employee leaves the company, they lose access to their previously made contributions.
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Are FSA funds use it or lose it?
The IRS' use-or-lose rule states that FSA funds must be spent by the participant within the FSA's plan year. That means FSA participants typically need to spend most or all of their FSA funds by the end of the plan year. Unused funds at the end of the plan year are forfeited to the plan.
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How does a commuter FSA work?
A Commuter FSA is a pretax benefit account used to pay for qualified parking and public transit, such as trains, subway, buses, ferries and/or vanpooling expenses as defined by Internal Revenue Code (IRC) 132. It allows you to pay for workplace-related commuter expenses on a tax-free basis through payroll deduction.
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What transportation is eligible for FSA?
Eligible travel expenses include: Public transportation - Train, bus, taxi, metro, plane, and ferry fares are also eligible expenses, provided medical treatment is the primary purpose for the trip.
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What is a transportation spending account?
The TSA program allows employees to set aside up to $325 (calendar year 2025) per month on a pre-tax basis to pay for public transit (e.g., buses, trains, and subways) expenses, while also providing a Transit Match of up to $100 per month.
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Can you change transit FSA contribution mid year?
Parking and transit FSAs may allow you to adjust your contributions mid-year if your expenses change and may also allow you to rollover unused amounts from plan year to plan year. See your employer for your specific plan details.
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Is the commuter benefit use it or lose it?
Money you contribute to your commuter benefits will stay available through the next year and beyond. The only time you risk losing your money is if you're terminated, change employers, or retire.
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