Volunteer Income Tax Assistance (VITA)

During this tax season, the Latino Community Credit Union can help eligible persons maximize their return at no cost.  We have made an alliance with the IRS to offer VITA, a free IRS sponsored program that helps those with a household income of $49,000 or less fill and electronically file basic tax returns.

Why should you complete and file taxes at the Latino Credit Union?

While preparing and filing your taxes with the help of the Latino Community Credit Union, you can obtain the following benefits:

• Free filing, no fees.
• If eligible, we will help you obtain the Earned Income Tax  Credit EITC.
• You could obtain a Tax Refund Express Loan, TREL, with no fees (other companies charge you $100 for this kind of loans).

For more information on these benefits go to the end of the page.

Who can benefit from this service?

Taxpayers with a household income of $49,000 or less during 2009, with a valid social security or ITIN number and who need to file any of the following forms: 

• Form 1040EZ
• Form 1040A
• Form 1040 con Schedule A, B, EIC & R
• Form 1040 – V
• Form 2441 (Child and Dependent Care Credit)
• Form 8863 (Education Credits)
• Form 8812 (Additional Child Tax Credit)
• Form 8880 (Saver's Credit)
• Schedule C EZ
• Form 5405 (First-Time Homebuyer Credit)*.

Please keep in mind that we cannot offer you help with any form different from the above.

* This form cannot be filed electronically, so if you apply to this credit your taxes will be filed by traditional mail.

How does this service work? Dates, Hours, Appointments and Required Documentation.

The employees at the Latino Community Credit Union will help you file your taxes between February 1st and April 15th, in the following hours:

• Mondays: 9:00 a.m. – 12:00 p.m.
• Tuesdays, Wednesdays and Thursdays: 9:00 a.m. - 4:00 p.m.

To obtain this benefit you first need to ask for an appointment, since every personalized attention can take up to two hours. Contact your closest credit union branch to make the appointment.  Bring the following documentation to your appointment: 

• Picture ID
• Social Security cards for yourself and all other individuals on your return (spouse and all dependants)
• Your 2008 tax return
• Bring all income documents including W-2s, 1099s and other tax documents
• Documentation of higher education expenses including tuition paid and student loan interest paid
• Daycare expenses and the daycare provider's name, address and tax ID number

Documentation to support itemized deductions if applicable. These items may include: 

• Mortgage loan interest paid
• Charitable contributions
• Property taxes paid (home and auto)
• Medical expenses

To make a direct deposit of your taxes to LCCU use the Latino Credit Union routing number:  053185503

More on Benefits

Earned Income Tax Credit EITC

The Earned Income Tax Credit is a refundable federal income tax credit for individuals and families with a household income of $49,000 or less during 2009. To obtain this benefit, 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

And the Tax Year 2009 maximum credits are:

• $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

Investment income must be $3,100 or less for the year.

Tax Refund Express Loans

If you cannot wait until the IRS sends your refund, the Latino Community Credit Union offers you the Tax Refund Express Loan, a low cost loan for up to 90% of your total federal tax return.  With the fees and high interest rates that other companies charge, a traditional Refund Anticipation Loan may cost you $100 or more.  The Latino Community Credit Union, on the other hand, does not charge any fees for this loan and offers a moderate interest rate of 15% APR (this loan is available only to members of the credit union, but the filing of taxes is open to anyone with household income below $49,000).  This product does not apply for the State taxes, only for Federal taxes.

The loan term is 30 days. The entire refund must be directly deposited to the member’s share account via ACH and will be automatically withdrawn after the refund is deposited to pay off the loan. Members that are currently participating in a Bankruptcy plan will not be eligible for a TREL. In addition, members that are past due on credit union obligations or have caused a loss to the credit union that has not been repaid will not be eligible for a TREL.

First-Time Homebuyer Tax Credit

If you were a first-time homebuyer in 2009, the Latino Community Credit Union can help you file the required form and get up to $8,000 or 10% of the value of the house, whichever is less.

As side news, the government announce the extension of this tax credit until June 30, 2010 if you make a binding contract by April 30, 2010. Given the current low interest rates and home prices, this additional incentive is a great opportunity to buy a home. Additionnally, the government expanded the tax credit to include a larger group of homebuyers. The new provision allows taxpayers who have owned and used the same house for five consecutive years over the past eight year period to apply for a 10% tax credit (up to $6,500) for the purchase of a new home.