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KeyBank partners to offer free income tax service on 'Super Refund Saturday'

by jmaloni
Fri, Feb 3rd 2012 05:15 pm

Free service helps taxpayers access earned income tax credit

KeyBank is once again offering its free "Super Refund Saturday" tax preparation service on Feb. 4, in partnership with Belmont Housing Resources and CASH. The day will take place from 10 a.m. to 4 p.m. at the Belmont Housing Resources located at 1195 Main St.

"Super Refund Saturday" includes free, one-on-one confidential help in filing personal income tax returns and helps qualifying individuals and families obtain the earned income tax credit (EITC), an income-preserving measure for low- and moderate-income workers.

"Filing an income tax return can be challenging and intimidating," said Gary Quenneville, president, KeyBank Western New York District, pointing out that the IRS estimated the average taxpayer spent 23 hours on last year's tax return, more for businesses and those owning rental property. " 'Super Refund Saturday' is KeyBank's way to help taxpayers file their returns for free and qualify for the earned income tax credit, rather than leaving this money on the table. It's part of KeyBank's commitment to local communities."

KeyBank is offering "Super Refund Saturday" services for the seventh year, in partnership with community nonprofits, to ensure these activities are convenient and accessible. In addition to Buffalo, Super Refund Saturday takes place in 15 other cities across the U.S. where KeyBank has a presence.

The EITC was originally enacted in 1975 and has been enhanced several times, most recently through the 2010 Tax Relief and Job Creation Act. Getting the EITC does not reduce any other government assistance, but people must file an income tax return to get it, even if they don't earn enough to pay taxes. The IRS calculates the EITC by comparing the number of qualifying children a taxpayer has to "earned income" - earnings from work and some disability payments. Qualifying children must be under 18 (24 for dependent college students, regardless of age; or if disabled) and must be related by blood, marriage or official decree such as adoption. Children must live with the taxpayer claiming the EITC, within the U.S., for at least half the year.

To qualify, earned income must be less than:

$43,998 with three or more qualifying children ($49,078, married, filing jointly)

$40,954 with two qualifying children ($46,044, married, filing jointly)

$36,052 with one qualifying child ($41,132, married, filing jointly)

$13,660 with no qualifying children ($18,740, married, filing jointly)

The maximum earned income tax credit correlates with the above parameters:

$5,751 with three or more qualifying children

$5,112 with two qualifying children

$3,094 with one qualifying child

$464 with no qualifying child,

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

W-2 forms (reporting full-time wages)

1099 forms (reporting part-time work and interest income)

Unemployment forms

Proof of child care payments

Social Security card for themselves and each dependent

Other IRS forms as appropriate

Bank account information and bank routing number

Valid photo ID

Previous year's tax return

"We look forward to 'Super Refund Saturday' every year, because we know it creates savings for local residents," Quenneville said. "This community has so many hard-working families, and we are proud to help them."

To take advantage of KeyBank's "Super Refund Saturday," call 884-7791, ext. 324, to make an appointment. For more information, visit https://www.key.com/.

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