Unclaimed federal tax refunds and other unclaimed state property.

Did you know that every year, tens of billions of dollars worth of unclaimed tax refunds and other financial assets lanquish in government coffers?

I first heard about an unclaimed property topic during the Washington State Department of Revenue seminar. You might be able to claim your property but don’t even know about it. 

What is unclaimed property? Property held by organizations that haven’t had contact with the owner for an extended period of time uncashed checks, insurance payouts, unused bank funds, etc.). Unclaimed property doesn’t include real estate, vehicles, or most other physical property. Most property is considered unclaimed after 3 years and must be turned over to the state. 

Electronic Filing of Claims. The process is easy; just follow the steps. You will be required to submit a proof of claim confirming your name and prior address.

Online Resources. All 50 states have an unclaimed property program and each state has their own Unclaimed Property Laws with varying dormancy periods and property types.

To check for unclaimed property, to file a claim, and to get more information on how to report unclaimed property, check the Washington State’s unclaimed property web sites: www.claimyourcash.org or www.ucp.dor.wa.gov. For other states unclaimed property, check www.unclaimed.org or www.MissingMoney.com. You can also contact your state’s unclaimed property office directly. For Washington State, you may call at (206) 727-5351.

I recently came across an article by Mandi Wodruff, Are you leaving tax money on the table? It shares some insights on the unclaimed federal tax refunds and other unclaimed state property. The State of New York holds “more than $12.5 billion worth of unclaimed property belonging to some 30 million people and businesses. Some of that loot belongs to mega-celebrities like Beyoncé, Tina Fey and Angelina Jolie.” According to the www.bankrate.com/IRS.gov,  the highest unclaimed state tax refunds of $100,700 belong to California State. To read the article, click here.

Good luck with your search!

Categories: Tax Blog

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