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Congress Retroactively Increases Monthly Transit and Vanpooling Limit for 2014

As part of the Tax Increase Prevention Act of 2014, which President Obama has signed into law, the monthly pre-tax transit limit will be retroactively increased from $130 to $250 for the entire 2014 calendar year.

Note that this retroactive increase applies ONLY to the time period of 1/1/14 through 12/31/14. For the calendar year of 2015, the monthly transit pre-tax benefit cap will revert back to $130 without further legislation. 
The current pre-tax monthly parking benefit of $250 remains the same for 2014 and will continue during 2015.

WageWorks is currently awaiting guidance from the IRS on how to implement the retroactive increase and will provide an outline of the process as soon as one becomes available.

Click here to download this update.