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TheStreet Open House

KeyBank Offering Free Federal Tax Return Prep In 15 Metro Areas

CLEVELAND, Jan. 28, 2014 /PRNewswire/ -- On February 8, 2014, KeyBank will partner with nonprofit organizations in 14 metropolitan areas across the United States to host its ninth annual Super Refund Saturday – a one-day event during which KeyBank employees provide free federal income tax preparation to low- and moderate-income wage earners to help them identify their eligibility and apply for the Earned Income Tax Credit (EITC). Super Refund Saturday will also be offered in Albany, on February 1.

(Photo: http://photos.prnewswire.com/prnh/20140128/CL53644 )

"Our volunteers are helping hardworking individuals who are trying to make ends meet," says Bruce Murphy, head of Corporate Responsibility at KeyBank. "For households where every dollar counts, paying to have tax returns prepared just isn't an option, so people often miss important tax credits. Free tax preparation is an important part of helping our clients and communities thrive."

Super Refund Saturday will be held in the following 14 metropolitan areas on February 8: Denver, CO; Indianapolis, IN; South Bend; IN; Portland, ME; Buffalo, NY; Akron, OH; Cleveland, OH; Dayton; OH; Toledo, OH; Beaverton, OR; Gresham, OR; Salem, OR; Seattle, WA; and Tacoma, WA. To learn specific locations and times, participants can call 1-800-KEY2YOU. 

The EITC, which was originally enacted in 1975, is now one of the largest anti-poverty tools in the United States. It is a refundable credit for low- to moderate- income individuals and families who work and have qualifying children. Qualifying children must be under 18 years of age, unless in college or disabled, and must be related by blood, marriage or official decree, such as adoption. They must also live with the taxpayer claiming the EITC within the U.S. for at least half the year. Receiving the EITC helps families in need reduce their financial burden; however, taxpayers must file an income tax return to receive it, even if they don't earn enough to pay taxes.

To qualify for the EITC, earned income must be less than:

  • $46,227 ( $51,567 married filing jointly) with three or more qualifying children
  • $43,038 ( $48,378 married filing jointly) with two qualifying children
  • $37,870 ( $43,210 married filing jointly) with one qualifying child
  • $14,340 ( $19,680 married filing jointly) with no qualifying children

The Tax Year 2013 maximum Earned Income Tax Credit correlates with the above parameters:

  • $6,044 with three or more qualifying children
  • $5,372 with two qualifying children
  • $3,250 with one qualifying child
  • $487 with no qualifying children

For information about the EITC, visit the IRS's website at http://www.irs.gov/Individuals/EITC-Home-Page--It%E2%80%99s-easier-than-ever-to-find-out-if-you-qualify-for-EITC.

To take advantage of Super Refund Saturday, income tax return filers should bring these documents:

  • Valid photo ID
  • Social Security card for themselves and each dependent
  • W-2 Forms (reporting full-time wages)
  • Previous year's tax return
  • 1099 Forms (reporting part-time work and interest income), if applicable
  • Unemployment forms, if applicable
  • Proof of childcare payments
  • Other IRS forms, as appropriate
  • Bank account information and bank routing number

"We are extremely proud to offer our Super Refund Saturday again this year," says Murphy. "The service it provides helps us fulfill our commitment to enhance each community we serve."

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