Tax season is over and you may be feeling relief that you no longer have that tedious paperwork to deal with. But just because the season is over, it does not mean that you have necessarily gotten all of the money that you were owed for your tax credits and deductions. When you file your taxes, it is possible that you missed some of the additional savings or that you have overlooked some money that the government owes you. Perhaps you were in a hurry to get your taxes done, and missed a credit or deduction.
You can claim the money, even if tax season is already over, because it is the money that the government owes you for paying extra or forgetting to claim a tax credit that you were eligible during a particular year. If you are making adjustments to a prior return, you will need to file an amended return. The onli ne tax software company, Taxbrain can guide you through this process absolutely free. Keep in mind you have up to three years to file federal tax returns when due a refund or make corrections resulting in additional funds.
Better still, there may be unclaimed money and property from other sources waiting for you that you aren’t even aware of.
What is Unclaimed Money or Property?
Unclaimed cash can include money that is rightfully yours due to a claim on a tax return. It may be that your check was issued but never cashed. For instance, it may have gotten lost in the mail or gone to an old address if you had moved recently.
If the government owes you money and you do not collect it, then it’s unclaimed, according to USA.gov. This can happen with banks, credit unions, pensions, and other sources.
Unclaimed money or property can come from several sources. Quick links to check some of these are:
Although the government is aware of the money that you may be owed, you are responsible for making the claim and asking the source that owes you money for the funds or property. In most cases, you will need to look up the details of your potential savings through several sources. The government does not have a single source that can check for unclaimed money or property, according to USA.gov.
Look at State Databases
The best place to look for any unclaimed money or property that you may have overlooked is a state database. Even if you are not owed money from the government due to errors when you were filing, you may discover that a relative or friend has left an inheritance that you never knew about until you checked.
Money from an inheritance or similar source is usually turned over to the state if it is not claimed within a timely manner. By looking at your state’s database, you will discover if you have unclaimed money waiting for you to pick it up, states NBC News.
Although you may be owed money or discover that a relative left property as an inheritance, do not assume that means you do not need to use caution. Never pay for services to discover if you have unclaimed money and avoid any companies that offer to help you claim your money.
NBC News warns that some scam artists claim to help you find the money, but actually do not. You do not need to pay any money to discover if you have unclaimed money. It is free to search your state’s database as well as the database of any state that you’ve previously worked or lived in.
It is possible that you have unclaimed money waiting to be discovered, but it is important to take your time and use known sources of information before you try making any claims. Use official websites and government sources to avoid complications and get the money that you’ve left unclaimed.