Tax Filing and Other Financial Behaviors of EITC-Eligible Households: Differences of Banked and Unbanked
Holding a bank account is crucial to the income-maximizing and asset-building of households. This study uses 2008 survey data of EITC-eligible households assisted at Volunteer Income Tax Assistance (VITA) sites to document their tax filing behavior and use of Alternate Financial Services (AFS). Spec...
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| Veröffentlicht in: | Financial counseling and planning 2011, Vol.22 (2), p.16 |
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| creator | Lim, Younghee Livermore, Michelle Davis, Belinda Creel |
| description | Holding a bank account is crucial to the income-maximizing and asset-building of households. This study uses 2008 survey data of EITC-eligible households assisted at Volunteer Income Tax Assistance (VITA) sites to document their tax filing behavior and use of Alternate Financial Services (AFS). Specifically, the differences in tax filing and AFS use between banked and unbanked EITC-eligible households are examined. Findings reveal that unbanked status is associated with a lower likelihood of receiving a federal tax refund for tax year 2007 (TY 2007), a lower likelihood of filing a federal tax return for the previous tax year (TY 2006), a lower likelihood of receiving tax refunds via direct deposit or cashing at banks, and a higher likelihood of using check cashing stores. Findings suggest that policy changes and educational efforts should continue to focus on bringing the unbanked into the financial mainstream. [PUBLICATION ABSTRACT] |
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This study uses 2008 survey data of EITC-eligible households assisted at Volunteer Income Tax Assistance (VITA) sites to document their tax filing behavior and use of Alternate Financial Services (AFS). Specifically, the differences in tax filing and AFS use between banked and unbanked EITC-eligible households are examined. Findings reveal that unbanked status is associated with a lower likelihood of receiving a federal tax refund for tax year 2007 (TY 2007), a lower likelihood of filing a federal tax return for the previous tax year (TY 2006), a lower likelihood of receiving tax refunds via direct deposit or cashing at banks, and a higher likelihood of using check cashing stores. Findings suggest that policy changes and educational efforts should continue to focus on bringing the unbanked into the financial mainstream. 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[PUBLICATION ABSTRACT]</description><subject>Bank accounts</subject><subject>Banking</subject><subject>Behavior Theories</subject><subject>Case Records</subject><subject>Consumer Economics</subject><subject>Cost control</subject><subject>Direct deposit program</subject><subject>Earned income</subject><subject>Earned income tax credit</subject><subject>Family (Sociological Unit)</subject><subject>Family Attitudes</subject><subject>Family Income</subject><subject>Finance Reform</subject><subject>Financial Services</subject><subject>Households</subject><subject>Income taxes</subject><subject>Louisiana</subject><subject>Low Income Groups</subject><subject>Maximum Likelihood Statistics</subject><subject>Money Management</subject><subject>Nonprofit organizations</subject><subject>Refund anticipation loans</subject><subject>Social security taxes</subject><subject>Statistical Analysis</subject><subject>Studies</subject><subject>Tax Credits</subject><subject>Tax Effort</subject><subject>Tax 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Filing and Other Financial Behaviors of EITC-Eligible Households: Differences of Banked and Unbanked</atitle><jtitle>Financial counseling and planning</jtitle><date>2011</date><risdate>2011</risdate><volume>22</volume><issue>2</issue><spage>16</spage><pages>16-</pages><issn>1052-3073</issn><abstract>Holding a bank account is crucial to the income-maximizing and asset-building of households. This study uses 2008 survey data of EITC-eligible households assisted at Volunteer Income Tax Assistance (VITA) sites to document their tax filing behavior and use of Alternate Financial Services (AFS). Specifically, the differences in tax filing and AFS use between banked and unbanked EITC-eligible households are examined. Findings reveal that unbanked status is associated with a lower likelihood of receiving a federal tax refund for tax year 2007 (TY 2007), a lower likelihood of filing a federal tax return for the previous tax year (TY 2006), a lower likelihood of receiving tax refunds via direct deposit or cashing at banks, and a higher likelihood of using check cashing stores. Findings suggest that policy changes and educational efforts should continue to focus on bringing the unbanked into the financial mainstream. 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| ispartof | Financial counseling and planning, 2011, Vol.22 (2), p.16 |
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| subjects | Bank accounts Banking Behavior Theories Case Records Consumer Economics Cost control Direct deposit program Earned income Earned income tax credit Family (Sociological Unit) Family Attitudes Family Income Finance Reform Financial Services Households Income taxes Louisiana Low Income Groups Maximum Likelihood Statistics Money Management Nonprofit organizations Refund anticipation loans Social security taxes Statistical Analysis Studies Tax Credits Tax Effort Tax incentives Tax refunds Tax returns Tax services Taxes Telephone Surveys |
| title | Tax Filing and Other Financial Behaviors of EITC-Eligible Households: Differences of Banked and Unbanked |
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