question.jpgIn Federal Income Tax

My company pays for my commuter rail or parking. Are the benefits taxable?

No. If your company provides transportation or parking benefits, for 2006 they are tax free up to $105 a month for transit passes and $205 a month for parking. Cash reimbursements are, likewise, reimbursable, so long as the cash comes from a qualified reimbursement program; for transit passes, however, vouchers (if available) must be used to reimburse instead of cash.