1.7 MILLION AMERICANS WILL FORFEIT $2 BILLION TO UNCLE SAM ON APRIL 17TH
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 https://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.
Nicole Ackermann offers more information about unclaimed money at https://www.cashunclaimed.com. Cash Unclaimed is the largest unclaimed property database, including all state and federal databases and was founded to assist owners in easily locating and claiming their lost funds. The site offers more information on unclaimed money and a free search at www.cashunclaimed.com.
HTML VERSION
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 https://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.
