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Volume 2, Issue 4, 2002   Federal Reserve Bank of Dallas

Earned Income Tax Credit

Bank One Program Helps Low-Income Taxpayers

Many low-income working families are unaware that they can receive up to $4,140 in tax credits under the IRS' Earned Income Tax Credit program. Others file with commercial tax preparation services that charge not only a fee for the tax preparation and electronic filing but also high interest on refund anticipation loans. Bank One stepped up with a volunteer program to assist low-income people in preparing their tax returns and claiming the EITC. The bank also helped the filers open bank accounts so they could get their refunds by direct deposit. Read more »

EITC Eligibility

Income levels used to determine eligibility for the EITC. Read more »

Claiming the EITC

What individuals and families must do to receive the EITC. Read more »

Upcoming Events

Conferences, seminars and workshops around the nation. Read more »

News & Events

  • The IRS is recruiting organizations and individuals to help people file for the EITC. To become a VITA program volunteer, call 800-829-1040. Read more PDF document
  • Get Schedule EIC PDF document to claim the Earned Income Tax Credit.
  • The Center on Budget and Policy Priorities offers outreach kits for organizations and individuals interested in helping people file for the EITC. Read more Off-site page
  • View the interactive version Off-site page of the Federal Reserve Bank of Dallas' Building Wealth workbook or order copies Off-site page.
  • Order the FDIC Money Smart Off-site page financial education curriculum.
  • The National Council on Economic Education offers financial literacy programs Off-site page for students in grades K–12.
  • Bank Rules Extend Prohibition Against Deposit Production Offices
    Regulators have amended rules to comply with Section 106 of the Gramm–Leach–Bliley Act, which prohibits interstate branches from being used primarily for deposit production. The prohibition extends to any bank or branch of a bank controlled by an out-of-state bank holding company. The state's loan-to-deposit ratio screen and CRA lending tests will be applied to those newly covered institutions to see whether they reasonably help meet the credit needs of the community where they are located. The final rule becomes effective Oct. 1, 2002. Read more PDF document

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