Transportation Account Highlights
While the Transportation Spending Accounts are similar in many ways to the Health Care Spending Account and the Dependent Care Spending Account, these accounts are subject to different rules under the Internal Revenue Code (IRC).
The Transportation Spending Accounts are more flexible than the other Spending Accounts in several ways, including:
- You can choose to make before-tax and after-tax payroll deductions to pay for your eligible monthly commuter pass/ticket and/or parking expenses; and
- You can enroll in the Transportation Spending Accounts, change, or cancel your contribution rate at any time during the year on a monthly basis. You must make these elections by the first of the month prior to the month you wish to participate, stop or change your election.
You can generally contribute up to $270 a month on a before-tax basis for eligible mass transit passes (for example, commuter bus, train, subway, ferry passes, tickets and vouchers) or vanpooling expenses.
You can contribute up to $270 a month on a before-tax basis for eligible parking expenses if you drive directly to work or to a location from which you commute to work at JPMorgan Chase (for example, park and ride).
- the "Pay My Provider" option, where your contributions are used by Health Equity to pay your garage directly, or
- the "Pay Me Back" option, where you file claims to be reimbursed by Health Equity from your account, for eligible parking expenses, or
- a parking Commuter Card that you can use to pay for parking as needed, so you don't have to file claims to be reimbursed.
Eligible expenses can include expenses that you incur in your commute (such as mass transit costs and parking expenses) between your home and work at JPMorgan Chase that can be paid for under federal tax law with money you've contributed to the Transit Account and/or Parking Account. These expenses are subject to monthly maximums under federal law. Please Note: Any eligible expenses that exceed monthly before-tax maximums will be deducted on an after-tax basis.