Use pretax dollars for work-related transit and parking expenses. Public Transportation (bus, train, ferry, subway) Ride Sharing Services (UberPool, Lyft Plus, vanpool)
- Each $1 you contribute to a pretax account reduces your taxable income by $1
- You can change your commuter benefit elections on a monthly basis
- Store receipts in the Receipt Repository on the TASC Mobile App for easy access!
The Transportation Equity Act makes it possible for employees to contribute pretax dollars to a Transit and/or Parking Account to pay for qualified work-related transportation expenses. Depending on your tax bracket, you can save up to 40% on your commuting and parking costs by using pretax dollars—a significant tax benefit that reduces your taxable income. You will receive a TASC Card in the mail to use for eligible purchases. Simply swipe the card to pay for an eligible work-related expense, such as a subway pass or parking ramp fee, and the funds are directly withdrawn from your available account balance. IMPORTANT NOTE: The TASC Card is the only way to access your Transit Account funds because the law does not permit cash reimbursement if you pay out of pocket. Cash reimbursement is only available for eligible out of pocket purchases under the Parking Account. In addition to tax advantages, commuter benefits also promote environmental responsibility. Employees who leave their cars at home and use public transportation greatly reduce their carbon emissions. When we reduce vehicle mileage, we improve air quality and help prevent serious illness. TRANSIT ACCOUNT PARKING ACCOUNT Park and ride Parking ramps Parking meters EMPLOYEE EDUCATION Commuter Participant Benefits See how easy it is to start saving with a TASC Benefit Account. See details on reverse. Eligible purchases may only be made by the participating employee. Funds cannot be used for regular Uber/Lyft rides. ELIGIBLE EXPENSES How it works. You can choose to participate in the Transit Account or the Parking Account, or both. When you enroll in the plan(s), you elect an annual contribution for each account for the plan year, based on your anticipated expenses and IRS limits. That election is deducted from your payroll (before taxes) in equal installments throughout the year. Plan funds may only be used by the participating employee (not available for expenses incurred by family members).
Your contributions to each account are subject
to IRS limits. View limits on our website
www.tasconline.com/benefits-limits Check with your employer to see if your plan allows rollover of unused commuter account funds into the next plan year. If not, plan wisely and track balances throughout the year via our mobile app or secure web portal. Your contribution will be deducted in equal amounts from each paycheck, pretax, throughout the plan year. Commuter benefit funds are only available as money is contributed (money in, money out). When you enroll online you’ll be given access to a secure, easy-to-use web portal where you can access and manage your account any time. We also offer a free mobile app for easy account access on the go. Enroll in a Transit and/or Parking Account at the beginning of a plan year and elect a monthly contribution amount which will be deducted in equal installments per paycheck throughout the plan year.
Also consider
- The money you contribute to the account(s) can only be used by the participating employee for qualified work-related expenses and cannot be shared between accounts.
- If you need to adjust your elections, submit an Election Change Form to your employer and your payroll deductions will change on the first of the following month.
This convenient card automatically approves and deducts most eligible purchases from your benefit account(s) with no paperwork required. For parking purchases made without the card (Parking Account only—Transit Account does not allow reimbursements) you can request reimbursement online, via mobile app, or using a paper form. Reimbursement deposits happen fast— within 12 hours—when you request to have them added to the MyCash balance on your TASC Card. You can use the MyCash monies on your card to get cash at ATMs or to buy anything you want anywhere Mastercard is accepted! Commuter Participant Benefits Page 2 MyCash Account: Included on your TASC Card for faster reimbursement deposits and non-benefit purchases. TASC Mobile App: Track and manage all benefits and access numerous helpful tools, anywhere and anytime! Search for “TASC” (green icon). How to participate. It’s easy to start saving with TASC Commuter
Benefits. Just follow 3 simple steps
1. DECIDE how much you want to contribute. 2. ENROLL by completing the enrollment process. GET IT ONGET IT ON 3. ACCESS your funds easily using the TASC Card. This Mastercard is administered by TASC, a registered agent of Pathward. Use of this card is authorized as set forth in your Cardholder Agreement. The card is issued by Pathward, N.A., Member FDIC, pursuant to license by Mastercard International Incorporated. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. Apple and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC. Questions? Ask your employer or contact your Plan Administrator: Total Administration Services Corporation - www.tasconline.com - 1-800-422-4661 TP-5042-082922
Attachment: TASC Commuter Participant Benefits (PDF)