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No Change in 2021 Limits for Qualified Transportation Benefits

SIMA Financial Group > Small Businesses  > No Change in 2021 Limits for Qualified Transportation Benefits

No Change in 2021 Limits for Qualified Transportation Benefits

Maximum Monthly Amounts Remain at $270

The IRS has released Revenue Procedure 2020-45, which includes cost-of-living adjustments for employee qualified transportation fringe benefits for the 2021 taxable year, along with annually adjusted numbers for 2021 for a number of other tax provisions. The combined monthly limit for transportation in a commuter highway vehicle and any transit pass remains unchanged from 2020 at $270. The monthly limit in 2021 for qualified parking is also unchanged from 2020, also at $270.