Yes! You can transfer funds between your Parking and Transit benefits, as long as it aligns with your employer's policies. Please check your internal policy for confirmation.
According to the IRS, unused parking and transit benefits can:
- Remain in the designated account for future use
- Be applied to another qualified transportation account (for example transit to parking, or parking to transit), provided the statutory limits are not exceeded
- But they can’t be refunded to the participant
Forma supports balance transfers between Parking and Transit accounts. You can request a transfer by reaching out to Forma Support by emailing us at support@joinforma.com.
If you only have one type of Commuter account currently, say, transit, and would like to transfer your funds to a parking account, Forma can open a parking account and transfer those funds for you. However, please note that only parking expenses incurred after the parking account is established can be reimbursed.
Important Note:
Fund transfers will occur on the 1st of the following month. When moving money between commuter benefit accounts, Forma must comply with the IRS monthly maximum.
For example: If you request to transfer $900 to your parking account on August 10, 2026, and the IRS monthly limit for 2026 is $340, and you are not making any payroll contributions to that account, the transfer will be spread over three months:
$340 on September 1
$340 on October 1
$220 on November 1
If you plan to make additional contributions to your parking account, you should wait until November. In November, you could contribute a maximum of $120 ($340 limit – $220 already transferred). Starting in December, you can contribute up to the full IRS monthly maximum again.