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Bank partnership helps families receive $2 billion in tax refunds

Bank partnership helps families receive $2 billion in tax refunds

Since 2007, Bank of America has invested $4.5 million to build United Way’s Earned Income Tax Credit (EITC) outreach and free tax preparation work. This investment has benefitted 60 United Ways in 28 states, and has contributed to the completion of more than 1.5 million free tax returns and almost $2 billion in total tax refunds to lower-income families. In 2009, volunteers filed 555,432 tax returns resulting in $250 million EITC returns and a total of $739 million in overall tax refunds. Of the individuals served, 64% were female, 68% were ethnic minorities, and 55% intended to use their tax refund to purchase necessities, such as food and clothing, and to pay bills.