What happens to my Reimbursement election if I do not use all the money deposited into my Commuter Spending Account for the current month?
A. Excess balances will be carried over to the following month. However, you can only spend the amount of the monthly IRS limits ($230 for transit and parking). Example: You have a balance of $300 in your parking account at the beginning of July. You can only spend $230 during July. You have the ability to adjust future contributions to avoid having an excess balance. Eligible Expenses Q. What commuting expenses are eligible? A. Only parking and mass transit costs incurred by you in connection with travel between your residence and your work place are eligible. Examples of eligible expenses include: • Mass transit fares, including tickets, passes, tokens, vouchers or other fares for riding buses, trains, para-transit vans or other mass transportation vehicles; • Official vanpool fees; • Parking fees at or near your work place; or • Parking fees at a location from which you commute to your work place via mass transportation or a carpool (ex: park-and-ride lot). Q. What expenses are not
Excess balances will be carried over to the following month. However, you can only spend the amount of the monthly IRS limits ($110 for transit and $215 for parking). Example: You have a balance of $300 in your parking account at the beginning of July. You can only submit $215 for expenses incurred or paid in July. You have the ability to adjust future contributions to avoid having an excess balance.
Related Questions
- I am currently enrolled in a Flex Medical Reimbursement Account and/or Daycare Reimbursement Account. What happens to my money that is left in the plan when I leave UTMB?
- What happens to my Reimbursement election if I do not use all the money deposited into my Commuter Spending Account for the current month?
- I participate in the Health Care Expense Reimbursement flexible spending account. Does money in that account roll over from year to year?
