Finding unclaimed tax money is easier than you think. Some years the IRS estimates that around $1.5 billion in unclaimed money was owed to U.S. taxpayers.
This article will go over how you can find unclaimed tax money using free online search tools. So let’s take a look at how you do that.
Overview
Millions of Americans have unclaimed tax refunds from the Internal Revenue Service (IRS), and there’s a few reasons why this happens.
Forgot to file taxes
Most of the time, tax refund money becomes unclaimed when the taxpayer(s) did not file a tax return for the prior year. For example, if you forgot to file a tax return in 2019, you could be owed a return for the year 2018, or even 2017, and so forth.
Unless you file a tax return, the IRS does not officially know how much money you made (or didn’t make). Therefore, it cannot calculate what returns or benefits you might qualify for.
So make sure you’re filing your tax returns on time each year. Failing to do so will make it more difficult to claim your money. Check out free tax software like FreeTaxUSA to stay on top of your taxes.
Change of name or address
Another common reason that the IRS sits on so much unclaimed money is that it cannot locate the person to whom the money is owed. For example, if you move, change your name, or are disabled for an extended period of time, you might not receive a tax check back from the IRS. And, if the IRS doesn’t have your bank information on file, there’s simply nowhere to send your money. So it sits there unclaimed.
Claim your funds today
So as you can see, it’s easy to search for unclaimed tax refunds using a free search tool from the IRS. Go here to get started. Keep in mind that you will need to have the following information ready to go: Social Security number or ITIN, filing status, and the refund amount that you expect.If you have trouble with the website, don’t hesitate to contact the IRS for help.
