Pre-Tax Commuter and Dependent Care Accounts
Commuter and Dependent Care Accounts allow you to set aside pre-tax money to save on eligible transit, parking, and dependent care expenses. These accounts can help lower your taxable income while making it easier to budget for everyday expenses. RaceTrac, Inc. offers Transit, Parking, and Dependent Care Flexible Spending Accounts (FSAs), administered by WEX.
Health Spending Accounts
A health spending account enables you to put aside money for health care — and reduce your income taxes, depending on which medical plan you are enrolled in. RaceTrac, Inc. offers two types of savings accounts: a Health Savings Account (HSA) and a Flexible Spending Account (FSA).
Transit Account
A Transit Account allows you to set aside pre-tax dollars from your paycheck to pay for work-related mass transit expenses like subway, train, or bus fares. Your funds roll over year to year until they are used or no longer eligible.
NOTE: Funds cannot be used for ride-share services, road tolls, non work-related travel, or expenses incurred by a spouse or dependent.
Contributions
The maximum contribution is up to $340 per month and can be changed any time throughout the year.
Parking Account
A Parking Account lets you set aside pre-tax dollars from your paycheck to pay for parking at or near your workplace, or near a public transit stop you use to get to work. Your funds roll over year to year until they are used or no longer eligible.
NOTE: Funds cannot be used for parking at your home, parking fines or fees, non-work parking, or expenses incurred by a spouse or dependent.
Contributions
The maximum contribution is up to $340 per month and can be changed any time throughout the year.
Dependent Care Flexible Spending Account (DCFSA)
A Dependent Care Flexible Spending Account (DCFSA) lets you set aside pre-tax dollars from your paycheck to pay for work-related care costs for your eligible dependents while you or your spouse work or attend school. Any unused funds are forfeited at the end of the plan year and you cannot make changes to contributions outside of Open Enrollment.
NOTE: You MUST provide itemized statements to receive reimbursed funds.
Contributions
The IRS maximum contribution is $7,500 (or $3,750 per person if married, filing separately).
Contact Wex
Manage your FSA or HSA account through the WEX portal, where you can view your balance, submit claims, and manage your account online. If you need assistance, contact WEX at 1-833-CALL-WEX. For information about eligible dependents and qualifying tax relationships, refer to IRS Publication 502.
