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Q. What is the advantage of enrolling in the Transportation Assistance Account? The money goes into your transportation account before taxes are withheld so you pay less in taxes and ultimately have more disposable income. Other benefits include:
Q. What is the difference between the Parking and Transit Accounts? The Parking Reimbursement Account is for qualified parking expenses. Valid parking receipts must total the monthly parking amounts. Examples: commuter parking lot or garage fees.
The Transit Reimbursement Account is for qualified out-of-pocket transportation and vanpooling expenses. Examples: train, bus or vanpool expenses. The IRS sets the monthly maximum that employees can spend pre-taxed each year.
Q. Can I enroll in both the Parking and Transit Accounts? Yes. You may enroll in both the Parking and Transit Accounts. Someone who takes public transportation to work and has to pay for parking at the lot is an ideal candidate for both accounts.
Q. Is there a maximum amount for reimbursement?For 2009, the IRS pre-tax limit is $230 per month for eligible parking expenses incurred at or near your worksite, or at a facility from which you commute to work by carpool or by mass transit. The IRS pre-tax limit is $120 per month for eligible mass transit expenses, including subway, train, bus and vanpool fare.
For participants using both the Parking and Transit Accounts, the current pre-tax limit is a combined total of $350 per month ($230 per month for parking benefits and $120 per month for transit benefits).
Q. What types of expenses are not eligible for reimbursement?Employees receiving a parking subsidy from their employer may not submit reimbursement for their portion of the rate through the reimbursement accounts. By law, mileage, tolls, fuel and carpooling are not reimbursable under the program. Business travel and other reimburses expenses are also excluded.
Q. What happens if my monthly expense is less than my deduction?If you deduct more than what you submit for reimbursement, the excess will roll over to the next month, and you should adjust your election accordingly.
Q. What happened if I don’t have enough money in my account to cover my expenses?You can only be reimbursed for expenses up to the amount you paid into the account and up to the IRS allowance each month. If you do not have enough funds in your account, you may pay the vendor directly and later submit a claim form for reimbursement. If you are using the debit card feature, you must have the whole reimbursement amount in your account or else your transaction will not process via the debit card.
Q. What happens if I change my commuting or parking arrangements?The IRS allows you to change your election once per month, depending upon your employer’s business rules. However, many parking and transit facilities require payment in advance and you must have money in your account in order to submit for reimbursement.
To initiate a change, simply fill out the Transportation Enrollment and Claim Form and return it to your HR or Benefits Department for processing.
Q. How do I receive reimbursement from Altus Benefit Administrators?If your employer has selected a debit card option, you may use the card directly at the parking or transit vendor. Or, you can submit a paper claim and receive payment via direct deposit or check. To set up direct deposit, complete the Direct Deposit Form.
Q. How can I check my Transportation Assistance Account balance?You have 24-hour access to your Parking and Transit Accounts online at www.altusbenefitadmin.com. You may also contact the Altus Benefit Administrators’ Customer Service Center at 1-800-371-7542, Monday–Thursday, 8 a.m. – 6 p.m. ET; Friday, 8 a.m. – 5 p.m. ET.