ATLANTA — With more than 40,000 returns processed at credit unions this year through the Internal Revenue Service's volunteer income tax assistance program, participation has more than doubled over 2007′s figure of 18,000.
The VITA program offers free tax return preparation help to low-to moderate-income people. In 2007, more than 250 credit unions were VITA partners. For the 2008 tax season, the number of participants was 535, according to IRS.
Through VITA, credit union-processed returns resulted in $42 million in refunds, the IRS said. Volunteers also helped individuals receive $16.2 million in earned income tax credits and $6.8 million in child tax credits.
Debra Chandler, national credit union relationship manager and senior tax analyst with the agency, attributed several factors to the growth of CU VITA participation including marketing support from leagues, trade groups, NCUA as well as the IRS' Stakeholder, Partnership, Education and Communication offices nationwide.
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