SAO Federal and Trust Fund employees who are registered as "annual parkers" at CfA parking lots can elect to take advantage of pre-tax savings on their biweekly parking expense. The pre-tax benefit for SAO annual parkers, if elected, will reduce the taxable gross income for federal, state and FICA taxes each pay period, subject to IRS limitations. Personal factors related to tax and FICA status, as well as the employee's total parking expenditure, will determine the tax savings. Part-time employees and full-time employees on alternate work schedules should check with their parking coordinator for their annual parking expense.
Please note that due to IRS restrictions, those employees who park at CfA lots on an intermittent basis are not eligible for this pre-tax parking benefit.
Employees who park in CfA lots will not be required to provide parking receipts, but must submit a change of election if annual parking status is discontinued. It is incumbent upon the employee to notify the SAO Benefits Office without delay to avoid the implications of tax fraud.
A new election form must be completed for each new parking year. It is likely that the payroll deduction expense will change at that time, as well.
The pre-tax treatment of SAO parking deductions will begin with the first pay period in the month following registration with the SAO Benefits Office, provided SAO HR receives your completed pre-ax election form at least two weeks prior to the month in which parking deductions will occur. Click
here for a Pre-tax Election for SAO Annual Parkers form.
Should you have questions about this plan, please contact SAO-Benefits@cfa.harvard.edu.