KeyBank's Eleventh Annual Super Refund Saturday Returns More Than $2 Million to Residents
$2,085,840 in Tax Refunds, Including the EITC, Returned to Low- to Moderate-Income Wage Earners
CLEVELAND, Ohio, February 12, 2016 /3BL Media/ – On Saturday, February 6, 2016, 112 of KeyBank employees volunteered their time to the eleventh annual Super Refund Saturday, a one-day event that makes free individual tax preparation services available to local residents and helps low- and moderate-income earners discover their eligibility for the Earned Income Tax Credit (EITC).
This year, volunteers in nine metro areas dedicated themselves to expanding the impact of the EITC, in collaboration with local nonprofits. In all, their efforts resulted in 1,024 filings and a total of $2,085,840 in refunds, with 44 percent coming from EITC filings.
“At KeyBank, an important part of our job is helping our communities thrive by making our services effective and accessible,” said Bruce Murphy, Head of Corporate Responsibility at KeyBank. “It is critical we help our low- and moderate-income neighbors receive the refunds they have earned – and Super Refund Saturday gives us a chance to do this, every year."
The EITC is one of the largest anti-poverty tools in the United States. In fact, data analyzed by the Center for American Progress shows that 9.8 million more Americans would have been poor in 2014 without access to the EITC or Child Tax Credit (CTC). Yet, the IRS reports that one in five eligible filers do not claim the EITC – perhaps because individuals who don't earn enough to pay taxes must file an income tax return to receive it.
To qualify for the EITC this tax season, 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 EITC 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
“Every year, we are very proud of the effect our volunteers have on the lives of their neighbors through Super Refund Saturday,” said Seth A. Reimer, vice president in KeyBank's Community Development Banking. "We take our jobs as community bankers very seriously, and we want to be sure no one leaves money that is rightfully theirs on the table, during tax or any other season."
For more information about the EITC and how to claim it, individuals can reference: https://www.irs.gov/Credits-&-Deductions/Individuals/Earned-Income-Tax-Credit.
About KeyCorp
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 $95.1 billion at December 31, 2015. Key provides deposit, lending, cash management and investment services to individuals, small and medium-sized businesses under the name of 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.
