Parking and Transit
A qualified parking and/or transit plan allows you to deduct money from your paycheck before taxes to pay for eligible parking/public transit expenses. Unlike other pre-tax accounts, a parking and transit plan allows greater flexibility with enrollment and election changes.
No, parking funds must be allocated to parking only and transit funds to transit only.
Yes, you can use one or both of the accounts. The accounts are listed separately but are available on the same election form.
Please contact your employer to learn when you are eligible to change your monthly parking or transit elections.