Does the government have your money?

Does the government have your money?

The state of Pennsylvania is holding 1.9 billion in other people’s money, according to their unclaimed property website.  How much of that money belongs to you? The law requires companies to transfer unclaimed balances to the state when they are unable to locate the owners of the money. The state will gain possession of money in a number of situations. When utility companies have unclaimed balances, or unclaimed refunds, they will transfer those funds to the state.  Old unclaimed bank accounts, insurance company refunds, unclaimed dividend checks, etc. are all examples of money that may end up in the state’s unclaimed funds account. The good news is that it is easy to find out if the state owes you money.  Visit the state’s unclaimed funds website and enter your last and first name and the website will tell you if the state has any of your money (https://www.patreasury.gov/unclaimed/search.html).

While you are on the website, search for your family and friends. Property owners are good candidates for unclaimed funds.  These individuals usually have multiple utility and real estate tax accounts. Last year I visited this site and found more than $4,000 in unclaimed money in my name.  I also helped a client to locate over $2,700 from the fund. 

If you live in a state other than Pennsylvania, other states may have your money.  Each state will have their version of the unclaimed property website.  You could also visit the web site  http://www.missingmoney.com/.  This site allows you to check for unclaimed money in a number of states.

Visit these websites and you may just get an unexpected windfall in the New Year.  Let me know how much money you found.

Brian ford is an MBA and CPA who has been a practicing  tax professional  for close to twenty years.  His practice specializes in tax return preparation, tax planning, and resolving tax problems.  He can be reached at (215) 248-3244, or BDFORD@aol.com.