United Way and Bank of America Partner to Bring Free Tax Preparation Services to Low-Income Families across the Country Through the Federal Government’s EITC program, working families can receive up to $5,657 annually in tax credits; two-thirds of qualifying filers don’t use free tax prep
United Way Worldwide <http://www.liveunited.org/> and the Bank of America Charitable Foundation <http://www.bankofamerica.com/
The effort, which is part of the larger Bank of America-funded United Way Financial Stability Partnership <http://www.liveunited.org/
Although more than 23.7 million people received $49.3 billion in EITC in tax year 2008, up to 25 percent of the families who qualify for the maximum EITC are not aware of their eligibility and are leaving those refunds unclaimed, according to data from the IRS.
“With support from Bank of America, United Ways across the country will help even more families improve their financial stability,” said Brian A. Gallagher, president and CEO of United Way Worldwide. “The commitment of Bank of America and its employees brings awareness and resources to an important program and increases access to free tax filing and to tax credits that bring critical dollars back into our nation’s communities.”
“Building the financial security of our nations’ families and communities is critical to revitalizing our economy,” said Kerry Sullivan, president of the Bank of America Charitable Foundation. “With only one-third of qualifying filers actually taking advantage of free tax preparation services, the VITA sites provide an opportunity to help put money back in the pockets of hard working families. Our longstanding financial stability partnership with the United Way is one great example of how the bank is helping support pathways out of poverty.”
To date, the Bank of America Charitable Foundation has provided $4.5 million in grants to support the United Way’s EITC program <http://www.liveunited.org/
Eligibility Criteria for Tax Year 2009:
Earned Income and adjusted gross income (AGI) must each be less than:
* $43,279 ($48,279 married filing jointly) with three or more qualifying children
* $40,295 ($45,295 married filing jointly) with two qualifying children
* $35,463 ($40,463 married filing jointly) with one qualifying child
* $13,440 ($18,440 married filing jointly) with no qualifying children
Tax Year 2009 Maximum Credit:
* $5,657 with three or more qualifying children
* $5,028 with two qualifying children
* $3,043 with one qualifying child
* $457 with no qualifying children
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United Way Worldwide
United Way is a worldwide network in 45 countries and territories, including nearly 1,300 local organizations in the U.S. It advances the common good, creating opportunities for a better life for all, by focusing on the three key building blocks of education, income and health. The United Way movement creates long lasting community change by addressing the underlying causes of problems that prevent progress in these areas. LIVE UNITED is a call to action for everyone to become a part of the change. For more information about United Way, please visit: LIVEUNITED.org <http://www.liveunited.org/> .
Bank of America Corporate Philanthropy
Building on a long-standing tradition of investing in the communities it serves, last year Bank of America embarked on a ten-year goal to donate $2 billion to nonprofit organizations engaged in improving the health and vitality of their neighborhoods. Bank of America approaches giving through a national strategy called "neighborhood excellence" under which it works with local leaders to identify and meet the most pressing needs of individual communities. Bank associate volunteers contributed more than 900,000 hours in 2008 to enhance the quality of life in their communities nationwide. For more information about Bank of America Corporate Philanthropy, please visit www.bankofamerica.com/
The effort, which is part of the larger Bank of America-funded United Way Financial Stability Partnership <http://www.liveunited.org/
Although more than 23.7 million people received $49.3 billion in EITC in tax year 2008, up to 25 percent of the families who qualify for the maximum EITC are not aware of their eligibility and are leaving those refunds unclaimed, according to data from the IRS.
“With support from Bank of America, United Ways across the country will help even more families improve their financial stability,” said Brian A. Gallagher, president and CEO of United Way Worldwide. “The commitment of Bank of America and its employees brings awareness and resources to an important program and increases access to free tax filing and to tax credits that bring critical dollars back into our nation’s communities.”
“Building the financial security of our nations’ families and communities is critical to revitalizing our economy,” said Kerry Sullivan, president of the Bank of America Charitable Foundation. “With only one-third of qualifying filers actually taking advantage of free tax preparation services, the VITA sites provide an opportunity to help put money back in the pockets of hard working families. Our longstanding financial stability partnership with the United Way is one great example of how the bank is helping support pathways out of poverty.”
To date, the Bank of America Charitable Foundation has provided $4.5 million in grants to support the United Way’s EITC program <http://www.liveunited.org/
Eligibility Criteria for Tax Year 2009:
Earned Income and adjusted gross income (AGI) must each be less than:
* $43,279 ($48,279 married filing jointly) with three or more qualifying children
* $40,295 ($45,295 married filing jointly) with two qualifying children
* $35,463 ($40,463 married filing jointly) with one qualifying child
* $13,440 ($18,440 married filing jointly) with no qualifying children
Tax Year 2009 Maximum Credit:
* $5,657 with three or more qualifying children
* $5,028 with two qualifying children
* $3,043 with one qualifying child
* $457 with no qualifying children
###
United Way Worldwide
United Way is a worldwide network in 45 countries and territories, including nearly 1,300 local organizations in the U.S. It advances the common good, creating opportunities for a better life for all, by focusing on the three key building blocks of education, income and health. The United Way movement creates long lasting community change by addressing the underlying causes of problems that prevent progress in these areas. LIVE UNITED is a call to action for everyone to become a part of the change. For more information about United Way, please visit: LIVEUNITED.org <http://www.liveunited.org/> .
Bank of America Corporate Philanthropy
Building on a long-standing tradition of investing in the communities it serves, last year Bank of America embarked on a ten-year goal to donate $2 billion to nonprofit organizations engaged in improving the health and vitality of their neighborhoods. Bank of America approaches giving through a national strategy called "neighborhood excellence" under which it works with local leaders to identify and meet the most pressing needs of individual communities. Bank associate volunteers contributed more than 900,000 hours in 2008 to enhance the quality of life in their communities nationwide. For more information about Bank of America Corporate Philanthropy, please visit www.bankofamerica.com/
