Episode 4~ FIND YOURS: FIND YOUR UNCLAIMED MONEY BEINg HELD BY THE IRs.

Find unclaimed money with The Easy Money Show

THERE ARE 2 DIFFERENT REASONS THE INTERNAL REVENUE SERVICE COULD HAVE UNCLAIMED MONEY OF YOURS. THE FIRST IS SIMPLE: UNDELIVERED TAX REFUNDS. IN OTHER WORDS, YOU FILED A TAX RETURN, YOU WERE DUE A REFUND, AND FOR SOME REASON THAT REFUND NEVER MADE IT TO YOU. MAYBE YOU MOVED, SO THE CHECK WAS RETURNED ADDRESS UNKNOWN. OR MAYBE THE POSTAL SERVICE MESSED UP.

THE STATS VARY, BUT IN ONE RECENT YEAR THE IRS WAS HOLDING ONTO $110 MILLION WORTH OF REFUND CHECKS THAT HAD BEEN RETURNED. THOSE CHECKS BELONGED TO MORE THAN 115-THOUSAND TAXPAYERS. THAT’S ABOUT $950 APIECE IF PEOPLE’S REFUNDS HAD ALL BEEN EQUAL!

IF YOU SUSPECT THAT YOUR REFUND HAS GONE ASTRAY, THE IRS HAS A TOOL ON ITS WEBSITE CALLED “WHERE’S MY REFUND?!” YOU ENTER YOUR SOCIAL SECURITY NUMBER AND THE DOLLAR AMOUNT OF YOUR EXPECTED REFUND AND IF THE IRS HAS IT, YOUR NAME WILL POP UP. UNFORTUNATELY THIS SYSTEM ONLY TRACKS REFUNDS FOR THE MOST RECENT YEAR.

NOW, HERE’S THE OTHER WAY THE IRS COULD HAVE UNCLAIMED MONEY FOR YOU: IF YOU WERE OWED A REFUND BUT DIDN’T BOTHER TO FILE A TAX RETURN! THIS IS INCREDIBLY COMMON! FOR EXAMPLE, A CHART ON THE IRS WEBSITE SHOWS THAT 95-THOUSAND CALIFORNIANS AND 96-THOUSAND TEXANS FAILED TO FILE EVEN THOUGH THEY WERE DUE REFUNDS IN A RECENT YEAR!

AND IT’S NOT JUST OVERPAID TAXES YOU COULD BE OWED. MANY MODERATE INCOME PEOPLE ARE ELIGIBLE FOR THE EARNED INCOME TAX CREDIT. BUT IF YOU DON’T FILE A RETURN, YOU DON’T GET IT! THE EARNED INCOME TAX CREDIT IS SUPPOSED TO HELP PEOPLE WHOSE INCOMES ARE BELOW CERTAIN THRESHOLDS. FOR EXAMPLE, FOR 2016, A WORKER WITH 2 CHILDREN WHO MADE A LITTLE UNDER $45-THOUSAND DOLLARS, WOULD BE ELIGIBLE FOR AN EARNED INCOME TAX CREDIT OF ABOUT $5,500!

NOW, I KNOW WHAT YOU’RE THINKING: UH OH, I DIDN’T FILE A TAX RETURN SO I’M GONNA GET IN TROUBLE! BUT YOU AREN’T! THERE’S NO PENALTY FOR FILING A LATE RETURN IF YOU WERE OWED A REFUND! WOO HOO! AND THAT MEANS THERE’S NO RISK IN FILING AND CLAIMING THE MONEY THAT IS RIGHTFULLY YOURS! ACTUALLY, THERE’S ONE RISK: IF YOU DON’T FILE WITHIN 3 YEARS, BY LAW THE IRS GETS TO KEEP THE MONEY! WHY SHOULD THE TAX MAN KEEP WHAT IS RIGHTFULLY YOURS?

OK, HOPEFULLY I’VE GOT YOUR ATTENTION. BUT I KNOW YOU MAY BE DRIVING OR RUNNING ON A TREADMILL OR SOMETHING WHILE YOU LISTEN TO THIS INTRIGUING INFORMATION, SO I HAVE COMPILED ALL THE INFORMATION YOU NEED.

HERE’S THE LINK TO CHECK FOR TAX REFUNDS THAT HAVE BEEN RETURNED UNDELIVERED.

AND HERE IS INFORMATION ON HOW TO FILE PAST TAX RETURNS SO YOU CAN GET YOUR REFUND AND ANY TAX CREDITS YOU DESERVE.

Please follow and like us: