BASIC Parking
frequently asked questions

What is the plan's purpose?

The purpose of the Plan is to establish a pre-taxed voluntary election for work related parking and mass transportation expenses as per the IRS Code, Section 132.

What are the qualified expenses?

Parking - Parking provided to an employee on or near the business premises of the employer or on or near a location from which the employee commutes to work by transit, van or carpool.

Transit Passes - Any pass, token, fare card, voucher, or similar items entitling the participant to use mass transit. This would also include vanpooling.

What are the deduction amounts?

The amounts allowable are increased annually by indexing the original amounts stated under Code Section 132.
2008 rates:
Parking: $220 per month or $2640 annually
Transit: $115 per month or $1380 annually 

What is the difference between the Parking Conversion and Parking Reimbursement Accounts?

Both accounts allow you to pay for your parking with "pre-tax dollars". The Conversion account is for parking expenses associated with a company owned or sponsored lot whereas the Reimbursement account is for private lots.

What expenses does the Mass Transit Reimbursement Account cover?

The Mass Transit Account lets you pay your out-of-pocket ferry, monthly bus pass, vanpooling, and other mass transit costs with pre-tax dollars.

How do I get reimbursed for my expenses?

Claims are filed via online submission. Click here to access. You will need to enter your email address and the last four digits of your social security number. The next screen is where you would complete your claim information.

What is a valid receipt for my monthly parking expenses that are not incurred on a company owned or sponsored lot?

A copy of your monthly contract or bill from the parking lot is a valid form of documentation. Individual receipts will also be accepted so long as they clearly show the cost, date of service, and type of service.

Can daily bus tickets or bus transfers be used as valid forms of receipt for the Mass Transit Reimbursement Account?

Unfortunately, daily bus fair passes or bus transfers are not valid forms of receipt because they do not show the cost, date, and type of service.

What happens to the unused money left in my account at the end of the Plan Year?

The money will be sent back to your employer and either rolled into the new year, or forfeited. Check with your employer.

What types of transportation costs are allowable under a Section 132 Plan?

Only those parking and mass transit costs that are associated with travel to work.

Can I use the Parking Reimbursement account to pay for parking expenses resulting from travel to or from business meetings or to visit clients?

No, parking expenses (as well as mass transit costs) must be for your travel to and from work. Any parking or transit fees that you pay as a result of a visit to a client, a business meeting, or a downtown visit will not be honored.