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KeyBank and Cleveland Housing Network to Help Residents Claim Earned Income Tax Credit; Free 'Super Refund Saturday' Tax Prep Puts Money Back in Taxpayers' Pockets

Submitted by: KeyCorp

Categories: Community Development, Finance

Posted: Jan 30, 2007 – 12:07 PM EST

CLEVELAND- January 30, 2007 – This year many individuals and families earning low-incomes in Cleveland will miss out on thousands of dollars in tax credits because they don’t know they qualify for them.

KeyBank and the Cleveland Housing Network will help will help qualified taxpayers prepare their taxes free of charge on Super Refund Saturday, Feb. 3, from 9 a.m. to 3 p.m. at the Cleveland Housing Network’s Community Training Center on St. Clair Ave.

Individuals with dependents earning $38,000 or less and those with no dependents between the ages of 25 and 65 earning $14,000 or less can have certified tax volunteers prepare their taxes and determine whether they qualify for earned income tax credits of up to $4,500.

Last year, at a Super Refund Saturday in Cleveland, 68 percent of the 130 families who had their taxes prepared were eligible for earned income tax credits worth an average of $1,987 per refund. In one day, preparers found nearly $177,000 in tax refund money that would have gone unclaimed.

“By joining with Cleveland Housing Network, we are strengthening efforts to help people and help the community,” said Cleveland District President, Lisa Oliver. “The money we return to people can have a significant impact on their lives and on the overall economic well being of Cleveland. In fact, from this event, we expect more than $238,000 to be directly refunded to participants.”

KeyBank free tax preparation days are also being held jointly with nonprofits in Akron, Albany, Denver, Portland (OR), Seattle and Tacoma. Those who wish to take advantage of the Super Refund Saturday program will need to bring with them the following items:

W-2 forms

1099 forms (interest or earnings as an independent contractor)

Proof of child care payments (if applicable)

Social Security cards of dependents

Last year’s tax return

Other IRS forms, as appropriate

Cleveland Housing Network
Since 1981, Cleveland Housing Network has generated more than $285 million in capital investments in Cleveland neighborhoods, developing 3,300 homes and delivering energy conservation/home repair services to 60,000 households across Northeast Ohio. This organization currently produces about 300 homes annually and provides weatherization and home repair services to more than 5,00 households each year. Over the past two decades, Cleveland Housing Network has built highly effective and ongoing programs and funding partnerships with a host of individuals and organizations throughout the community. This well-established network of 23 member community development corporations, government agencies and officials, banks, corporations, foundations and academic and religious institutions helps sustain the organization and maximize its benefit to the greater Cleveland region.

KeyCorp:
Cleveland-based KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $92 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 news about corporate citizenship at Key, visit http://www.csrwire.com/companyprofile?id=993.

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Note to Editors: For up-to-date company information, media contacts and facts and figures about Key’s lines of business, visit our Media Newsroom at Key.com/newsroom.

For more information, please contact:

Michael K. Sherman

Phone: 216-828-8114

More Information

Street Smart Sustainability

CSR Press Release

KeyBank and Cleveland Housing Network to Help Residents Claim Earned Income Tax Credit; Free 'Super Refund Saturday' Tax Prep Puts Money Back in Taxpayers' Pockets