You might have unclaimed money that is owed to you!
Money that might be owed to you somewhere!
Don't believe me, read on my friends. One out of ten people is owed money. The IRS has $1 billion dollars of unclaimed tax money. Somewhere in that mix, there has to be something for some of you right?
Tips to Claim Your Unclaimed Money For Free
Not all unclaimed money in the USA is owned by the government, and sometimes when retailers owe you money from either rebates or layaways refund money, that money may be found on the sites I will provide.
More about that later, but first let's learn more about this money and where this money is coming from. You see this unclaimed money comes from places you might not remember
- Banks – Many of these come from failed financial institutions, unclaimed deposits, and such.
- Unpaid wages – Think you are owed money from previous employers? Head over here to check and see if you have unpaid wages.
To find out by state, simply head over to NAUPA (National Association of Unclaimed Property Administrators) to find out if money is owed to you.
How do I claim unclaimed money?
First, you need to choose where to look for unclaimed money. There are four different areas where you can search. The first is your state. State funds can be claimed through the state’s treasury website.
Follow the directions on the website and provide the needed documents to claim your money. The second area you can look is nationally. The website MissingMoney can help you find unclaimed money throughout the country. All you’ll need to do is supply your name and residence.
If you are owed money from the IRS, you have three years to claim it and can do so through the IRS. Lastly, you can claim unclaimed money through The National Registry of Unclaimed Retirement Benefits. The website can help you find money that you may have left behind in your retirement accounts when you switched jobs.
Can you claim unclaimed money from deceased relatives?
Yes. There are divisions in each state where unclaimed money is held. It’s also important to note that there are no statute of limitations on claiming unclaimed money.
Do note that you will need to provide proof that the person is deceased and that you were his relative.
Money may be from a variety of sources including utility refunds, unclaimed items from safe deposit boxes, bank account balances, life insurance policies, and more.
Where can I find unclaimed money?
Four main areas to look include state treasury departments, the MissingMoney website for national funds, the IRS, and The National Registry of Unclaimed Retirement Benefits for retirement funds. There are also websites that claim to do all the work for you but do note that you’ll have to pay for those services.
Do unclaimed funds expire?
When it comes to those that are alive, there may be a time frame depending on where you live.
In some states, property is considered abandoned after a certain time. For example, in North Carolina property is considered abandoned if there has been no word from the owner within 1 to 5 years. The exact time frame will depend on the type of property.
How can I get free money from the government without paying it back?
There are a number of grants you can receive from the government to help in a number of situations. The government offers educational grants.
You may also qualify for grants to help with making updates to your home if you’ve become disabled. Grants.gov provides a wealth of information on the grants available.
Why do I have unclaimed funds?
There are a number of reasons why unclaimed money may be available. Some people switch jobs and either forget to transfer retirement funds or didn’t know they had funds available.
Another reason may be refunds owed to you by utility companies you used to use. You may also have a state or federal tax refund that you haven’t claimed. There are many reasons why you may have unclaimed money.
Is unclaimed money taxable income?
It depends. For example, if you have unclaimed federal tax refunds, you will not be taxed. On the other hand, if you have an unclaimed inheritance, you will be taxed. It all depends on whether or not the income is taxable. If you’re unsure, speak with an accountant.
My Unclaimed Money Experience
Out of curiosity, I wanted to know if I had any unclaimed money that was owed to me.
Honestly, I thought that I wasn't going to find anything. To my surprise, I have unclaimed money that is owed to me in the fabulous state of Pennsylvania site and the answer is YES! WOOT!
Since I never moved out of the state of PA, I decided to try and see how much riches I was going to find that was owed to me. I found 2 companies that owed me money:
- The Home Depot
- General Electric
I don't have any recollection of these companies owing me money, just of me owing them!
OK, I kid, I don't owe them money. I remember making purchases of appliances after my house burned down and needed to get new ones. I believe the General Electric was from Walmart Credit Card I had many moons ago.
But hey, I'll take it.
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The amount is for less than $100 each, so it could probably be nothing. Though the Pennsylvania website claims to not having anything under $5. So maybe I am getting $10 back. 🙂
After finding out about my riches, I decided to check on every member of my family, including my aunts. One of them had money owed to her from Wal-Mart, I'm assuming this is a lay-a-way from years ago where she never claimed her money.
If you haven't checked out this site to see if you have some money that is owed to you, check it out. It is not going to hurt you, and honestly, it is a simple way of making some extra cash that you didn't have and you thought you lost.