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KeyBank and partners offering free federal tax return prep in Buffalo

by jmaloni


Tue, Jan 28th 2014 07:00 am

Feb. 8 event includes free service and access to earned income tax credits

On Feb. 8, KeyBank is partnering with Belmont Housing Resources of Western New York to host its annual "Super Refund Saturday" event in Buffalo. The event will take place at Belmont Housing Resources of Western New York, 1195 Main St., Buffalo, from 10 a.m. to 2 p.m.

"Super Refund Saturday" is a one-day event that will offer free federal income tax preparation to all low- and moderate-income wage earners in the Buffalo area. During the event, banking professionals will also help tax filers identify their eligibility and apply for the earned income tax credit. Tax filers do not have to be KeyBank customers to participate.

"For many taxpayers in Buffalo, filing a federal income tax return can be confusing, and professional help may be too expensive for households where every dollar counts," said Catherine Braniecki, vice president of community development at KeyBank. " 'Super Refund Saturday' provides Buffalo taxpayers with a chance to receive professional help with no out-of-pocket costs. It's our way of helping hardworking citizens feel confident at tax time and claim money that's rightfully theirs." 

In addition to being held in Buffalo, "Super Refund Saturday" will be held in 13 other metropolitan areas across the country on Feb. 8, and in Albany on Feb. 1. For more information on the specific locations and times of all "Super Refund Saturday" events, participants can call 716-884-7791. 

The EITC, which was originally enacted in 1975, is now one of the largest anti-poverty tools in the U.S. It is a refundable credit for low- to moderate- income individuals and families who work and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; and

•$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; and

•$487 with no qualifying children.

For information about the EITC, visit the IRS's website at:

http://bit.ly/superrefundsaturday or 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; and

•Bank account information and bank routing number.

"We are extremely proud to be able to offer our 'Super Refund Saturday' event in Buffalo," Braniecki said. "The service it provides helps us to fulfill our commitment to enhance the community and local Buffalo residents."

"Super Refund Saturday" is providing tax help on a first-come, first-served basis. To learn what items you must bring, call 716-884-7791.

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

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