The takeaway
Participating in Okta’s commuter benefits program is like receiving a 30% discount on mass transit and parking expenses!
How commuter benefits work
- You set aside pre-tax money for taking public transit, including train, subway, bus, ferry, and vanpool, to work. You can also set aside pre-tax money for parking at or near work.
- Once you sign up, Okta deducts your contributions from your paycheck on a pre-tax basis.
- You can pay parking and/or transit expenses with your Forma debit card at the time you receive service, for example when buying your monthly “Clipper” card in San Francisco. Some parking garages also accept the program debit card (check directly with your garage to confirm).
- Okta has discontinued to reimburse the $20 cycle to work reimbursement, effective January 1, 2023.
Learn more about Okta’s Commuter Benefits.
IRS annual pre-tax limits
| Benefit Type | 2023 Limit |
|---|---|
| Pre-tax Parking | $300/month |
| Pre-tax Transit | $300/month |
| After-Tax | If you decide to contribute more than the pre-tax monthly amount, you can do so on an after-tax basis up to $200 for each parking and transit. |
Qualified expenses
Qualified commuting expenses include costs for:
- Public transportation, such as bus, light rail, regional rail, streetcar, trolley, subway, ferry, and commercial vanpool.
- Parking at or near work.
- Parking at or near public transportation for your commute.
How to enroll and use your funds
- First time users, register through the Forma app on your Okta Dashboard or online using your Okta email address or on the Forma website.
- Navigate to the Parking and Transit account options on the account page and select the “Get started” link and follow the prompts to place your order for the coming month(s).
- Once you enroll, your transit order will be loaded onto your Forma debit card before the first of the order month.
- The deadline for completing your transit order is the 10th of each month for the following month.
- If you would like to make a one-time commuter contribution, after you make your initial election you will need to make a second election the following month to bring your contribution amount down to $0.
- Future orders will be loaded onto the same debit card.
- Unused funds may be used in subsequent months.
- If you leave Okta, you’ll forfeit any unused funds in your Forma commuter account.