PBS Qualified Transit Account & Commuter Benefits
What is a Qualified Transit Account?
A Qualified Transit Account (QTA) allows you to set aside pre-tax dollars to cover qualified transportation expenses incurred on your way to and from your place of employment.
How can I use the funds?
At Progressive Benefits Solutions, we understand the importance of maximizing your take-home pay while minimizing commuting costs. Our Commuter Benefits Accounts, including Qualified Transit Account (QTA), offer employees a tax-advantaged way to pay for daily commuting expenses. By enrolling in a QTA, employees can use pre-tax dollars to cover the costs associated with public transit and parking near their workplace. This arrangement not only provides substantial tax savings but also simplifies the financial management of commuting expenses.
These accounts are part of an employer’s benefits package, aimed at enhancing the overall compensation strategy and promoting a cost-effective way for employees to commute. Providing such benefits supports employee engagement by reducing their commuting stress and financial burden, making it an attractive feature of the employer’s total benefits offering. By choosing PBS, you gain access to a seamless benefits management system that ensures you and your employees can enjoy substantial tax savings and stress-free commuting.
What are considered eligible QTA expenses?
Examples of qualified out-of-pocket transportation expenses that can be paid for with a QTA include:
- Commuter van pools (Lyft Line, UberPool, and other public/ride-sharing transportation services)
- Train tickets
- Ferry Tickets
- Bus Tickets
- Subway Tickets
Only expenses incurred by the employee are eligible for reimbursement; spousal or dependent travel or parking expenses will not be reimbursed.
*You are permitted to enroll in both a Qualified Parking Account and a Qualified Transit Account. The funds cannot be transferred between your parking and transit accounts.
How much can you elect to contribute to a QTA?
For 2023, the IRS allows employees to contribute up to $300 per month for transit expenses and an additional $300 per month for parking expenses. These limits are adjusted annually to keep pace with inflation.
What happens if all the QTA money is not used?
QTA funds roll over from month-to-month and to your next new plan year to utilize for as long as you are an active, full-time employee.
Frequently Asked Questions for Commuter Benefits Accounts
Can I change the amount of my contribution at any time?
- Contribution changes are generally allowed during the annual enrollment period or after a qualifying change in employment or family status.
Are QTAs available for remote workers?
- Remote workers typically do not incur commuting expenses that are eligible under QTAs, but they should consult with HR as some plans may offer flexibility.
How can PBS assist?
Ready to transform your commuting experience? Contact Progressive Benefits Solutions today to learn how our Commuter Benefits Accounts can make a significant difference in your daily travel to work and contribute to a greener planet. Let us help you navigate the benefits landscape with ease and expertise.
Our call center is open during PBS’ business hours to help answer any questions you may have! You may also use our automated phone system to check your pre-tax account balance(s) 24/7. PBS also provides employees with an online portal to manage your account through the web and a mobile app “PBS Benny” for on-the-go convenience!
Email: claims.support@pbscard.com
Phone: 1-888-333-3901
For more information on your plan and plan specifics, please inquire with HR for a copy of your QTA plan document.
For more information on how a QTA Plan can benefit you, contact our team or select the “for Employees” tab for current PBS clients.