There are a variety of reasons why unclaimed money exists. For example, your old bank closes, but you still have some money left in a savings account that you forgot about. Or, you were sent a stimulus check in 2020, but you moved, so you never got it.
Whatever the reason, the fact of the matter is that unclaimed money is rightfully yours. But, you can only get it back if you know where to look.
With that said, here are three things about unclaimed money that you must know before you begin your search.
Each year, millions of U.S. taxpayers forget to file their taxes. As a result, billions of dollars worth of legally-owed tax refunds are not received by the rightful owners. In 2016, for example, the IRS estimated that it was holding over $1.5 billion in unclaimed tax refunds.
If you think you are owed a tax refund from the IRS for a prior year return, the first step is signing up to the official website online so you can begin your search.
When you search online for unclaimed money resources, you will often come across a bunch of strange websites that are trying to charge money.
Before you spend any of your hard earned money on a random website service, check out free resources like the IRS website mentioned above, and the National Association of Unclaimed Property Administrators (NAUPA) to see if you are eligible for any unclaimed money. You might be surprised at what you find.
In 2020, the IRS issued stimulus checks to all U.S. citizens, which are called Economic Impact Payments.
Qualifying adults are eligible for a $1,200 payment, and each qualifying child gets $500. That means if you are a family of six (two parents, plus four children) you can get a total payment of $4,400.
The best part is, you don't have to pay taxes on this money and it's 100% free. If you did not get your 2020 stimulus payment yet, visit this IRS website to see if you are eligible.
Don't delay if you think you are owed money, and keep checking back for more unclaimed money tips.
Best of luck on your search!