A Parking Account allows you to pay for eligible work-related expenses with pre-tax dollars.
Note: University of Wisconsin System and UW Hospital & Clinic employees are no longer eligible for a parking account.
What are the benefits?
- Pre-tax contributions reduce your taxable income.
- Easiest way to pay for eligible parking expenses with tax-free money.
- Your Parking Account funds become available to you as payroll deductions are taken.
- Eligible for unlimited carryover, so there is minimal “use-it-or-lose-it” risk.
- You can enroll or make changes to your account at any time during the plan year.
How does it work?
- Your annual contribution is deducted pre-tax from your paycheck in equal amounts throughout the plan year and deposited into your Parking Account.
- Manage your account 24/7 via the myCTC mobile app or CYC Online account.
- Note: If you park at your place of employment, your deductions may already be taken pre-tax. These deductions are not reimbursable through this program. Parking funds may be accessed via the payment card and manual claims submission.
All active state employees, including limited term employees, are eligible to participate in a Parking Account.
- Spouses and dependent children.
- If you park at your place of employment, your deductions may already be taken pre-tax. These deductions are not reimbursable through this program.
- University of Wisconsin System and UW Hospital & Clinic employees.
- For 2019 benefit period, you must incur all eligible expenses by December 31, 2019.
- For 2020 benefit period, you must incur all eligible expenses by December 31, 2020.
- For 2019 benefit period, you must submit all reimbursement requests by March 31, 2020.
- For 2020 benefit period, you must submit all reimbursement requests by March 31, 2021.
Review all claims and provide any required substantiation by December 31.
2019 Parking Account Changes
- You may want to consider spending down your account as much as possible in 2019.
- Any remaining 2019 balances will be carried over in April 2020 and available for use after May 1, 2020 with ConnectYourCare.
- TASC debit cards will be deactivated for these benefits effective January 1, 2020.
An eligible expense is a work-related transportation fee for parking the IRS states can be paid for without taxes. Eligible parking expenses must take place at or near your place of employment, or at a location from where you commute to work. Eligible expenses include:
- Metered parking
- Monthly and/or daily parking fees for parking lots and/or ramps
- Park and ride lots
- Parking at mass transit facility
If you park at your place of employment, your deductions may already be taken pre-tax. These deductions are not eligible.
Above is a partial list of eligible expenses that are reimbursable through a Parking Account. For more information, see the Parking & Transit Eligible Expense flyer. For the complete list of eligible and ineligible expenses, visit www.IRS.gov and see IRS Publication 5137.
How should I keep track of my eligible expenses?
You should keep all your receipts and pertinent documentation to prove your Parking Account was used for eligible parking expenses. If you pay for anything other than eligible expenses with your Parking Account, the amount will be taxable, and you will be required to repay the amount or pay an additional tax penalty.
Learn how to enroll in an a pre-tax savings/employee reimbursement account, whether you are enrolling during open enrollment, as a new hire or when you have experienced a qualifying life event.Read More about Enrollment Information
You will receive a welcome brochure and payment card from ConnectYourCare.