Qualified Transportation Expense (QTE) Savings Account (also known as Commuter Benefit Plan)
Benefit Resource (BRi) commuter benefits are convenient, flexible and another way to lower taxable income. A commuter benefit plan allows you to:
- Set aside pre-tax dollars each month, up to the IRS limits, to pay for eligible mass transit and parking expenses.
- Change elections. Election changes can generally be updated monthly at benetrac.com.
- Carry over unused funds month to month during the plan year. If your needs change or you have built up a balance, you can adjust or even stop your elections while you continue to use your existing balance. Receipts submitted cannot be more than 6 months old.
There are two primary work-related commuter benefit accounts:
| Pre-tax IRS Maximum Monthly Contribution Limit Changes | ||
|---|---|---|
| Benefit | 2023 Amount | 2024 Amount |
| Mass Transit Savings Account | $300 monthly | $315 monthly |
| Parking Transit Account | $300 monthly | $315 monthly |