K-C’s new Commuter Benefits, provided by Voya, can help you save money on your commute to work. Through Commuter Benefits, you can set aside money on a pre-tax basis to pay for your eligible transit and/or parking expenses.
The IRS allows you to set aside up to $270 per month for transit expenses and up to $270 per month for parking expenses for your commute to work. Keep in mind that transit and parking funds are considered two separate buckets of money and cannot be mixed so it’s important to calculate your transit and parking expenses separately when electing your contribution. You have the flexibility to adjust your contribution from month to month. Any changes will be reflected on your paycheck as soon as administratively possible.
|Eligible Transit & Parking Expenses||Ineligible Transit and Parking Expenses|
How it Works:
Elect your contribution.
Take time to accurately estimate your upcoming transit and parking expenses for your work commute. Use that estimate to identify a contribution amount that will be deducted from your paycheck pre-tax and deposited into your Commuter Benefits account. This amount cannot exceed the IRS limits.
You have the flexibility to adjust your contribution from month to month. Any changes will be reflected on your paycheck as soon as administratively possible.
Use your Commuter Benefits Payment Card for eligible expenses.
The card will automatically pull funds from the proper account. You can also reimburse yourself for eligible expenses on the Voya website and mobile app.
Note: Any amount that’s unused will automatically rollover to the following year as long as you stay at K-C. Per IRS guidelines, K-C cannot refund your unused Commuter Benefits if you leave K-C and your unused balance will be forfeited.