1.7 MILLION AMERICANS WILL FORFEIT $2 BILLION TO UNCLE SAM ON APRIL 17TH
by Nicole Anderson
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 http://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 {a href="http://http://www.cashunclaimed.com/how.phtml"
target=_blank}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.
About the Author
Nicole Ackermann offers more information on unclaimed money and.a free search at http://www.cashunclaimed.com.
Cash Unclaimed was founded to assist owners in easily locating and and
claiming their lost funds. It is the largest unclaimed property
database and includes all states and federal databases. Currently over
$25 Billion are owed to millions of Americans. A quick free search will
tell you if there is money owed to you.
