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SECTION 132 COMMUTER BENEFIT ELECTION & CHANGE FORM Name: SSN: Home Address: Email: City, State, Zip: Phone: Employer: Date: I would like to enroll in our make changes to my commuter benefits effective

How to fill out section 132 commuter benefit

How to Fill Out Section 132 Commuter Benefit:

1. Gather necessary information: Start by collecting all the required information for filling out Section 132 commuter benefit. This typically includes details like your employee identification number, employer information, and commuter expenses.
2. Determine eligible expenses: Section 132 commuter benefit allows employees to use pre-tax dollars for certain commuting expenses. Familiarize yourself with the eligible expenses, such as public transportation costs (subway, bus, train), vanpooling fees, and parking expenses related to commuting to work.
3. Understand contribution limits: Each year, the IRS sets contribution limits for Section 132 commuter benefits. Make sure you are aware of the maximum amount you can contribute. For 2021, the limit is $270 per month for qualified parking and $270 per month for transit passes and vanpooling expenses.
4. Complete the necessary forms: Depending on your employer's process, you may need to fill out specific forms to enroll in the Section 132 commuter benefit program. These forms typically require personal information, your preferred contribution amount, and the types of commuting expenses you plan to use the benefit for.
5. Submit the forms: Once you have completed the required forms, submit them to your employer's designated department or individual responsible for managing the Section 132 commuter benefit program. Ensure that you follow any specific instructions provided and keep a copy for your records.

Who Needs Section 132 Commuter Benefit:

1. Commuters using public transport: Individuals who regularly utilize public transportation, such as buses, trains, subways, or ferries, to commute to and from work can benefit from Section 132 commuter benefit. It allows them to use pre-tax dollars to cover commuting costs, reducing their taxable income.
2. Vanpool participants: Those who participate in vanpooling programs to commute with a group of coworkers or neighbors can also take advantage of Section 132 commuter benefit. This benefit helps reduce the out-of-pocket expenses associated with vanpooling, making it a more cost-effective option.
3. Employees with parking expenses: If you incur parking expenses related to commuting to your workplace, Section 132 commuter benefit can be beneficial. By using pre-tax dollars, you can save on parking costs and potentially reduce your tax liability.
4. Employers offering the benefit: Employers who wish to provide a valuable fringe benefit to their employees may choose to offer Section 132 commuter benefit. It is a way to attract and retain talent while offering potential tax savings for both the employer and the employee.

Remember, it is always recommended to consult with your employer's HR department or a tax professional to ensure you understand the specific rules and guidelines pertaining to Section 132 commuter benefit and how it applies to your individual circumstances.

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What is section 132 commuter benefit?

Section 132 commuter benefits are employer-provided tax-free benefits that help employees save money on their commuting expenses, such as public transportation costs.

Who is required to file section 132 commuter benefit?

Employers are required to file section 132 commuter benefits for eligible employees who receive commuter benefits.

How to fill out section 132 commuter benefit?

To fill out section 132 commuter benefits, employers need to provide information about the commuter benefits provided to employees, such as the amount and type of benefits.

What is the purpose of section 132 commuter benefit?

The purpose of section 132 commuter benefits is to help employees save money on commuting expenses and encourage the use of public transportation.

What information must be reported on section 132 commuter benefit?

Information such as the amount of commuter benefits provided to each eligible employee, the type of benefits offered, and any changes in benefits must be reported on section 132 commuter benefits.