KeyBank Offers Super Refund Saturday: Free Income Tax Return Service in 16 Cities

CLEVELAND, Feb. 1, 2012 /PRNewswire/ -- KeyBank is offering its annual Super Refund Saturday service on February 4, in 16 cities across the United States. 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 important income-preserving measure for low- and moderate-income workers.

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"Filing an income tax return can be challenging and intimidating," says President Bruce Murphy, of KeyBank Community Development Banking, noting that the IRS estimates taxpayers spent an average of 23 hours on last year's tax return. "Super Refund Saturday is KeyBank's way to help taxpayers file their returns for free and discover if they qualify for the Earned Income Tax Credit.  The EITC is money many hard-working people are owed, but it's often not claimed."

This is the 7th consecutive year that KeyBank has offered Super Refund Saturday in partnership with local EITC coalitions and local nonprofits.  On Saturday, Super Refund Saturday will take place in the following 16 cities: Albany, NY; Akron, OH; Beaverton, OR; Buffalo, NY; Canton, OH; Cleveland, OH; Dayton, OH; Denver, CO; Indianapolis, IN; Portland, ME; Portland, OR; Salem, OR; Seattle, WA; Syracuse, NY; Tacoma, WA; Toledo, OH.

The EITC was originally enacted in 1975 and has been enhanced several times, most recently through the 2010 Tax Relief and Job Creation Act.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. Income and family determine eligibility and the amount of the return. 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 amount of Earned Income Tax Credit a person may receive correlates, as follows:

• $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 the person filing and each dependent
• Other IRS forms as appropriate
• Bank account information
• Valid photo ID
• Previous year's tax return

"We look forward to Super Refund Saturday every year because we know it's producing savings for working families," says Murphy. "We're proud to serve communities that are typically under-served and neighborhoods where so many hard-working Americans live and raise families."

About KeyCorp
Cleveland-based KeyCorp (NYSE: KEY) is one of the nation's largest bank-based financial services companies, with assets of approximately $89 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information, visit https://www.key.com/.

SOURCE KeyCorp