Unclaimed money in the United States is at an all time high, $25
Billion, and unclaimed tax refunds make up a large portion of that
number. Approximately $2 Billion in unclaimed tax refunds is owed
to 1,714,500 Americans who did not file for their return in 2002.
People owed refunds on their 2002 taxes have until April 17, 2006
to file for that tax year and claim their refund. If they do not file
the $2 Billion will be forfeited to the government.
Unfortunately, unclaimed tax returns are common. There are a few
reasons people do not file. Either they don't owe taxes, they
didn't have to file because they earned too little, or they didn't
take their earned income tax credit. Earn income tax credits for
2002 are for workers who made less than $11,060 and have no
children, earned less than $29,201 and had one child, or earned
no more than $33,178 and had two or more kids.
Considering the people who are eligible for the refunds are those
who did not make much, they are probably most in need of this
money. Most likely they are unaware the money is due to them or
they simply don't know how to claim it.
You can see if you are owed money if you did not file in 2002 by
completing a form.
Claiming Your Refund
The IRS will send a refund check after receiving the appropriate
filing form, Form 1040 (or 1040A or 1040EZ). This form will indicate
how large the refund check should be.
You can download this form at http://www.irs.gov/pub/irs-
prior/f1040--2002.pdf or call toll-free (800) 829-3676 to request
the form.
If you are owed money from 2002, remember you only have until
April 17, 2006 to file or the money will become Uncle Sam's
permanently.
If you are owed an unclaimed tax refund you may be owed other
unclaimed funds. There are millions of Americans who have lost
money they may be completely unaware exists.
This unclaimed money is considered "unclaimed property" and
includes the following:
， Savings and checking accounts and safe deposit box contents
， Inheritance
， Stocks, mutual funds, bonds, and dividends
， Uncashed cashier's checks or money orders
， IRS refunds
， Wages, child support payments
， Matured or terminated insurance policies
， Estates
， Mineral interests and royalty payments, trust funds, and escrow
accounts
， The list goes on and on...
This money will sit in the government's hands until claimed by the
rightful owner. Each person should check the unclaimed money
database at www.cashunclaimed.com at least twice a year to see
if they or their family members have money owed to them. This
money will not sit around forever either. The state and federal
governments are creating limitations on the numbers of years they
will hold unclaimed funds.
If you do find money owed to you, there will be forms and
instructions on claiming the funds. Oprah Winfrey stated it is
estimated 8 out of 9 families in the US are owed unclaimed money!
Make sure to file for your 2002 refund and check
www.cashunclaimed.com to see how much unclaimed money is
waiting for you.