Recently, it was discovered that the internal revenue service (IRS) had a huge pile of unclaimed state money in the form of IRS unclaimed tax money lying in its vaults. The total worth of IRS unclaimed money is estimated to be around $70 million in the form of income tax refunds, and these are now bracketed under unclaimed state money. This figure is the average for a single year and the figure might go up.
In reality, the total aggregate of $30 billion is lying with the government in the form of IRS unclaimed money. The primary reason for this humongous volume of unclaimed IRS money is because most companies or individuals have simply forgotten that their money is lying with the government. Illness, disability or demise could be just some of the reasons why the IRS tax money has gone unclaimed.
It is advisable that all the tracks are kept for every unclaimed tax monies or there might be imposters waiting to take benefit of your ignorance. In a state like California which is home to the largest number of foreign workers, a stupendous $5.5 billion of IRS unclaimed money is waiting to be returned to the rightful owner.
The state governments and the IRS will only go to a certain extent to help you claim your lost funds; the onus lies on you as to how to retrieve the unclaimed IRS money. Some simple steps might come to your aid when you have realized that there might be some bonus IRS funds lying to be claimed:
Keep all the printed or digital record of your investments and prepare a list of those financial institutions you seem to have put your funds into.
Big corporations like Microsoft, and even celebrities like Julia Roberts and Kate Hudson, have some unclaimed IRS money, so it will be unwise to think that this cannot happen to you.
Make a point to visit the local authorities to determine whether you have any unclaimed IRS money against your name.
To find your IRS unclaimed money and other potential missing money owed to you, conduct a search for IRS unclaimed money using your full name.
Determine whether you are eligible for an Earned Income tax credit.
Claiming your refund is not a very complex task and IRS provides all the instructions to do that.
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—2003.pdf or call toll-free (800) 829-3676 to request the form.
List down all the states where you have resided and follow the above steps for all these states
It is always helpful to note down the numbers of important tax departments so that you can inquire about your unclaimed tax money status from the comfort of your home. In some cases specific forms might be needed, so it is advisable that these forms are handy when you need them.