Question
Do i need to declare Employee Benefits on my USA Tax Returns?
I get a portion of my public transportation costs paid by my employer each month. Do i need to declare this information on my federal and state tax returns? Thanks.
4 weeks ago - 4 answers
Best Answer
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Some of these benefits may be tax-free up to a certain dollar amount each year. Consult the IRS for exact details. Check out this: Established in 1993 as part of the federal tax code section 132(f)[3], commuter benefits were meant to provide tax incentives to employees to encourage their use of mass transportation in order to reduce congestion and improve air quality. The law provides for monthly maximum ‘caps’ on the amounts that can be excluded from gross income and are therefore not taxed as ordinary income. In 2008, transit and vanpool expenses up to $115 and commuter parking costs up to $220 are excludable each month. An employee can receive both the transit/vanpool benefit and the commuter parking benefit for a maximum of $335 a month.
by Gorkbark Porkduke Gefunken Fubar
4 weeks ago
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Other Answers
It will probably be reported on your W-2 (as an items separate from your wages) so you will be end up reporting it anyway.
by The CPA Guy- 4 weeks ago
your employer will probably have it on your W-2 or perhaps a 1099 and in either case, will probably show as taxable
by tro- 4 weeks ago
It should show up as miscellaneous items on your W-2.
by Max Hoopla- 4 weeks ago