CLEVELAND, Feb. 1, 2013 /PRNewswire/ -- KeyBank (NYSE: KEY) is partnering with nonprofit organizations in 13 metropolitan areas across the United States to offer its eighth annual Super Refund Saturday service, in Cleveland on February 2 and in other cities on February 9. Super Refund Saturday is a one-day event during which KeyBank employees provide free federal income tax preparation to low- and moderate-income wage earners and help them identify their eligibility for the Earned Income Tax Credit (EITC).
"Filing an income tax return can be confusing for some taxpayers and expensive for those who want it done by a professional," says Bruce Murphy, KeyBank's executive vice president of Corporate Responsibility. "Super Refund Saturday is our way of giving professional help to those who can benefit most from a refund. Help is especially needed with the EITC because many people don't know they're eligible for it and don't claim it."
Super Refund Saturday will be held in Cleveland on February 2, and in the following 12 metropolitan areas on February 9: Albany, NY; Akron, OH; Buffalo, NY; Dayton, OH; Denver, CO; Indianapolis, IN; Portland, ME; Portland, OR; Seattle, WA; Syracuse, NY; Tacoma, WA; and Toledo, OH. 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The EITC, which was originally enacted in 1975, is now one of the largest anti-poverty tools in the United States.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:
- $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
For information about the EITC, visit the IRS's website at http://1.usa.gov/XaL2lO.
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
"Super Refund Saturday is a service that we take pride in offering," says Murphy. "We have a commitment to our communities, and it's very satisfying to see consumers who typically wouldn't have access to this level of information benefit from the outreach."
KeyCorp was organized more than 160 years ago and is headquartered in Cleveland, Ohio. One of the nation's largest bank-based financial services companies, Key had assets of approximately $89.2 billion on December 31, 2012. Key provides deposit, lending, cash management and investment services to individuals and small and mid-sized businesses in 14 states under the name KeyBank National Association. 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 United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com.
KeyBank is Member FDIC.