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KeyBank and partners offer free federal tax return preparation on 'Super Refund Saturday'

by jmaloni

Press release

Tue, Feb 5th 2013 07:00 am

KeyBank is partnering with Belmont Housing Resources of Western New York to bring its eighth annual "Super Refund Saturday" to two locations in Western New York:

In Buffalo, the Feb. 9 event will take place at Belmont Housing Resources of Western New York, 1195 Main St., from 10 a.m. to 4 p.m.

In North Tonawanda, the Feb. 9 event will take place at YWCA of the Tonawandas, 79 Tremont St., from 10 a.m. to 4 p.m.

"Super Refund Saturday" is a one-day event, during which KeyBank professionals provide free income tax preparation assistance to low- and moderate-income wage earners and help qualified individuals claim the earned income tax credit, or EITC. 

"Filing an income tax return can be a confusing process for many, and affording a professional tax preparer may be out of reach," says Catherine Braniecki, vice president of community development for KeyBank. " 'Super Refund Saturday' is part of our commitment to local residents, and we aim to make the service convenient and accessible. It's gratifying to help people file their federal returns for free and identify additional money through the EITC."

In addition to Buffalo, KeyBank is partnering with community nonprofits in 13 other cities across the U.S. on Feb. 9, to bring "Super Refund Saturday" to local residents. A separate free tax preparation day took place in Cleveland on Feb. 2.

The EITC, which was originally enacted in 1975, is now one of the largest anti-poverty tools in the U.S. It is a refundable credit for low- to moderate- income individuals and families, particularly those with qualifying children. Qualifying children must be under 18 years of age 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 greatly helps to balance the financial burden of families in need; however, taxpayers must file an income tax return to get it, even if they don't earn enough to pay taxes.  

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

•$45,060 ($50,270 married filing jointly) with three or more qualifying children

•$41,952 ($47,162 married filing jointly) with two qualifying children

•$36,920 ($42,130 married filing jointly) with one qualifying child

•$13,980 ($19,190 married filing jointly) with no qualifying children

The tax year 2012 maximum earned income tax credit correlates with the above parameters:

•$5,891 with three or more qualifying children

•$5,236 with two qualifying children

•$3,169 with one qualifying child

•$475 with no qualifying children

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 child care payments

•Other IRS forms as appropriate

•Bank account information and bank routing number

" 'Super Refund Saturday' is something we are proud of and look forward to every year," Braniecki says. "The hardworking families in our community benefit from access to help and information. We are happy to be the ones to provide it."

To take advantage of KeyBank's "Super Refund Saturday," tax filers can pre-register and learn which documents to bring by calling 718-884-7791, ext. 324.

About KeyCorp

KeyCorp traces its roots back more than 180 years ago and is headquartered in Cleveland. One of the nation's largest bank-based financial services companies, Key has assets of approximately $89 billion. The four-county Western New York District, one of 18 KeyCorp districts, has 74 branches, 100 ATMs and approximately 1,300 employees. 

Key provides deposit, lending, cash management and investment services to individuals and small businesses in 14 states under the name of KeyBank N.A. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the U.S. under the KeyBanc Capital Markets trade name. 

For more information, visit https://www.key.com/. KeyBank is member FDIC.

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