Americans are estimated to have over $20 billion in unclaimed property
Over $3 billion was paid out in claims across the U.S. last year, with the average person receiving around $2,080
In a surprising revelation from Good Morning America, it has been discovered that Americans are sitting on more than $20 billion in unclaimed money. This 'unclaimed property' can include uncashed paychecks, refunds, or deposits. It is estimated that one in seven Americans is due a share of this vast fortune, which they may not realize they are owed.
There's a fantastic platform, MissingMoney.com, endorsed by the National Association of Unclaimed Property Administrators and the National Association of State Treasurers. They've created this powerful database that searches across state lines to help you reclaim forgotten funds.
Believe it or not, these funds have been transferred by law to state unclaimed property programs for safekeeping. This is all about securing what's rightfully yours. It's like a safety deposit box for money you may have lost track of!
Last year, over $3 billion was paid out in claims across the US, according to Missing Money. On average, each claimant received $2,080 - that's an amazing shopping spree or a lovely contribution to a college fund!
The types of property you could find include uncashed checks from businesses, banks, insurance companies, and more. There are even inactive stock and brokerage accounts and unclaimed safe deposit boxes waiting to be found.
So here's the deal: you can visit MissingMoney.com, search your name or your business name, and find out if you have unclaimed funds. Let's face it, and we could all use a little extra cash. And who knows, you may find a pleasant surprise waiting for you!
The National Association of Unclaimed Property Administrators (NAUPA) advises that even if you have checked previously and did not discover any unclaimed funds, it is recommended to carry out a yearly search. Many people have unclaimed property, and you may be in for a very pleasant surprise.
Just a quick note: the evidence required to complete a claim varies from state to state, so be sure to read and follow the instructions carefully. If you have any questions about your claim, the best course of action is to contact the state where you filed your claim. They'll be able to help you out.
Did you know that the federal government might also hold unclaimed assets? You can check with the Bureau of the Fiscal Service to see if this might apply to you.
Even more exciting, the Treasury has a program called Treasury Hunt. Here you can search for 'matured, uncashed savings bonds,'’ And the Department of Labor has a program that could help you uncover unpaid back wages. There are so many opportunities to find what's rightfully yours!
The Internal Revenue Service (IRS) recently announced that almost 1.5 million Americans may be entitled to a share of unclaimed tax refunds from 2019.
Are you ready for this? The total outstanding funds amount to nearly $1.5 billion, with an average payout of $893 per person! Usually, you'd have a three-year deadline to claim these refunds, but due to the Covid-19 pandemic, the Government has kindly extended this deadline for the 2019 rebates. You now have until July 17 to claim your money back.
According to the IRS, Texans seem to be the ones missing out the most, with an estimated 135,000 residents owed an average of $924 each - that's a total of $142,235,200 left unclaimed!
Following close behind is California, with around $141,780,000 in potential refunds owed to approximately 144,700 people. Meanwhile, the IRS has projected that 89,300 Floridians are each due a median refund of $893.
New Yorkers and Illinois residents, you're not left out either. The IRS estimates that 81,600 New Yorkers could collectively be owed nearly $87 million, while those in Illinois could be missing out on a whopping $57,591,300 in unclaimed cash.
Even in Vermont, the state with the lowest amount of unclaimed tax refunds, 3,100 people could be eligible for over $3 million in refunds.
IRS Commissioner Danny Werfel stated, 'The 2019 tax returns came due during the pandemic, and many people may have overlooked or forgotten about these refunds. We want taxpayers to claim these refunds, but time is running out.'
He further reminded that students, part-time workers, and others with little income often overlook filing a tax return and may not realize they could be owed a refund.
To find out if you're one of the lucky ones, head over to the IRS website for more information. And remember, every little bit counts, especially when it's already yours!
