KeyBank Offering Free Tax Return Prep in Tacoma on Super Refund Saturday, February 6

On February 6, 2016, KeyBank will partner with Tacoma Goodwill to host its eleventh annual Super Refund Saturday – a one-day event during which KeyBank employees provide free federal and state income tax preparation to low- and moderate-income wage earners. During individual tax preparation sessions, KeyBank volunteers help local residents identify their eligibility and apply for the Earned Income Tax Credit.

“It’s crucial we help our neighbors take advantage of programs like the EITC,” says Mike Fait, vice president and Community Reinvestment Act manager for KeyBank in Washington. “The EITC gives hardworking Americans a chance to work through challenging times, and we at KeyBank are proud to offer the free services that will help them avoid tax preparation costs and get back the money they are owed.”

Super Refund Saturday will take place Feb. 6, from 9 a.m. to 3 p.m. at Goodwill’s Milgard Work Opportunity Center (714 S. 27th St., Tacoma). They expect to serve 150 tax filers thanks to 25 volunteer certified tax preparers and additional volunteers/support from KeyBank. Appointments are recommended to ensure service and reduce wait times (253.573.6636).

In addition to Tacoma, Super Refund Saturday will be held in the following eight metropolitan areas on February 6: Cleveland; Denver; Akron, OH; Toledo, OH; Dayton, OH; Indianapolis, IN; South Bend, MI; Ann Arbor, MI. KeyBank will also be providing seasonal support to tax sites in Buffalo, NY; Rochester, NY; Syracuse, NY; Portland, ME; Burlington, VT; Poughkeepsie, NY; Portland, OR; Seattle, WA; Columbus, OH; Cincinnati, OH.

Super Refund Saturday is the kick-off to Goodwill’s Milgard Work Opportunity Center ongoing free weekday tax service (Tues – Thurs, 3:30 – 7 p.m., 714 S. 27th St., Tacoma), sponsored by the IRS VITA Program (Volunteer Income Tax Assistance), KeyBank, Goodwill of the Olympics & Rainier Region, and the Pierce County Asset Building Coalition. Appointments are recommended to ensure service and reduce wait times (253.573.6636). Goodwill program manager Deena Giesen expects to provide $120,000 in free preparation and filing services, which amounts to approximately $1.2million in refunds for up to 800 households, an increase of 10 percent over last year.

The EITC, which was originally enacted in 1975, is now one of the largest anti-poverty tools in the United States.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 tax credit for low- to moderate- income individuals and families who work and may have 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:

· $47,747 ($53,267 if married filing jointly) with three or more qualifying children

· $44,454 ($49,974 if married filing jointly) with two or more qualifying children

· $39,131 ($44,651 if married filing jointly) with one or more qualifying child

· $14,820 ($20,330 if married filing jointly) with no qualifying children

The maximum Earned Income Tax Credit a tax filer can receive is:

·$6,143 with three or more qualifying children

·$5,460 with two qualifying children

·$3,305 with one qualifying child

·$496 with no qualifying children

For information about the EITC, visit the IRS’s website at http://www.irs.gov/Individuals/EITC,-Earned-Income-Tax-Credit,-Questions-and-Answers.

If participating in 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

Last year’s Super Refund Saturday helped more than 1,000 families; processed $2.1 million in refunds (federal and state) for free; returned approximately $2.2 million in Earned Income Tax Credits to families that needed it most; and provided more than $37,000 via KeyBank Foundation to support nonprofit partners who helped execute the day.

“Volunteerism is an important part of the culture at Key, and this day helps us fulfill our corporate promise to help clients and communities thrive,” says Fait. “We look forward to helping our neighbors claim the dollars that are rightly theirs on Super Refund Saturday and to making tax season more enjoyable.”

Derek Whaley manages the Puyallup branch.