Overview & Eligibility
2024 Contribution Limit:
Parking – $315 per month
Transit – $315 per month
This is the maximum amount that can be contributed to an CRA each month per the IRS.
The Value for Employees
Employees can save up to 40% on qualifying expenses such as transit passes, commuter highway vehicles, parking expenses, and rideshare services such as Lyft Shared.
Every dollar an employee contributes to a CRA lowers their taxable income. For example, if an employee earns $40,000 a year and contributes $270 per month to a CRA, their taxable income is lowered to $36,760.
Employees will receive an Ameriflex Debit Mastercard® linked to their CRA. Employees can use their card for eligible purchases everywhere Mastercard® is accepted. Account information can be securely accessed 24/7 online and through the mobile app.
The Value for Employers
Since contributions to CRAs are taken out pre-tax, no payroll taxes are due on the amounts employees contribute to the CRA.
Helping employees save money on their everyday commuting costs can aid in employee retention and recruitment.
Healthcare is complicated. The Ameriflex Client Relationship Team is eager to answer questions and provide assistance. Our 85+ Net Promoter Score (NPS) far exceeds the healthcare average.