From Gleim:
"Qualified Transportation Fringe Benefits:
a. Up to $125 a month may be excluded for the value of employer-provided transit passes and transportation in an employer-provided 'commuter highway vehicle'.
b. Additionally, an exclusion of up to $240 per month is available for employer-provided parking.
c. EMPLOYEES may use both of these exclusions."
I work for a company where I have to park a mile away from the office and take a company bus to the office. There is a parking garage available at the office for employees with more seniority that the company charges $20 a month to park. I don't get charged to take the bus in, but item C makes me think that this rule is for my benefit and not the employer's. My question then is can I "exclude" $365 each month from my gross income and where can I exclude it on the 1040?
Thanks!