Some good financial news comes in the latest news articles regarding Federal Transit Benefits being upped from $125/month in 2012 to $245/month in 2013 and clarifying retroactive payments for 2012.
"The bill Congress approved earlier this month to avoid the so-called “fiscal cliff” included two key changes to these transit benefits. It increased the monthly cap while also noting that the benefits could be applied retroactively." (Washington Post)
The Examiner notes that "Transit riders will be able to receive even higher federal transit benefits -- and get back money for last year's transit costs."
"The $240 limit will be retroactively applied to 2012, replacing the $125 ceiling that was in place that year (before the bill was approved)." (Washington Post)
The IRS is instructing employers on how to accomodate this change so that employees can benefit. (See the IRS instructions in Notice 2013-8.)
MARC/VRE riders going the distance are most likely to benefit. "A monthly pass on VRE, for example, can cost as much as $294.10, while MARC trains can cost up to $350 a month."
