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View Full Version : Transit Check pre-tax has NOT been extended....



Ninjahedge
January 17th, 2012, 12:00 PM
I did not know exactly where to post this (NY Visitors? NJ? or here) but here it is.

The previous pre-tax deduction allowed for Transit Check (or chek, I forget) has gone from $230/mo to $120/mo due to a non-renewal of legislation.

This means, basically, anyone further than the Subway or Hoboken will be paying pre and post tax $$ to get their monthly passes.

This seems like such a no-brainer it irritates me. But what do you expect from an organization that actually had more money allowed pre-tax for PARKING EXPENSES ON A TRANSIT CHECK than actual mass transit costs? I hope this gets fixed soon.

stache
January 18th, 2012, 06:17 AM
Don't count on it. I don't think Obama cares.

Ninjahedge
January 18th, 2012, 08:40 AM
I don't know if that was an Obama policy... I thought that was NY/NJ... but I could be wrong.

From whet I hear, it was tied in with a bunch of other things (COBRA?) that really did not 100% belong to it. This should have been a stand-alone issue that should have been made permanent, applied ONLY to mass transit, and had a set interim for re-evaluation of limit.

It was a very hard system to abuse, considering you could only use is on Mass Transit, so I do not know why they let it expire. As it WAS, I did not have enough for myself and my wife, nevermind any additional (subway/path) expenses....

GordonGecko
January 18th, 2012, 11:47 AM
Is there any way to take advantage of the IRS commuter deductions if you're self employed (only 1099, no W2)

Ninjahedge
January 18th, 2012, 12:09 PM
I would think so, but not being an accountant, I would not know the specifics.

Certain travel expenses, in general, are deductible.

stache
January 18th, 2012, 07:57 PM
Gordon, you might have to incorporate yourself.