Today TaxMama hears from Joanna in New York who tells us. “I have been working as a finder, uniting people with their abandoned funds in NY State – funds lost due to inactivity.
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These monies consist of insurance funds, NYS Income Tax Checks, mutual funds, inactive bank accounts, etc. My question: What happens to Federal Income Tax checks that have been returned to sender? Is there a federal unclaimed income site also?”
Dear Joanna,
That’s a very interesting career you’ve created for yourself.
The idea of going into IRS records to see if someone has refunds coming to them looks like a great idea, at first glance.
Except that IRS does not publish a list of people’s names and refunds due.
They do publish a list with the number of individuals per state, and the average dollar amount unclaimed. For instance, here’s the most recent list – unclaimed refunds for 2004 – which are no longer collectible after April 15, 2008.
https://www.irs.gov/newsroom/article/0,,id=180281,00.html
Taxpayers’ identities are confidential, as far as IRS is concerned.
I find it intriguing that you’re able to get the names of people who are owed state refunds. How is it that a state, like New York, is able to publish a list of taxpayers? Isn’t that an infringement of privacy?
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Yet, here is U.S. Senator Byron Dorgan’s website with a list of North Dakotans who have refunds coming to them. https://dorgan.senate.gov/services/irs-refunds/
Perhaps one of your NY Senators can get you a list of names? Incidentally, if they didn’t get their state refund for a given year, odds are, they didn’t get their IRS refund either.
Oh well. No doubt, the people for whom you find all this money must be grateful.
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Many of them could have found the money themselves by just calling IRS, or searching a variety of databases online, like missingmoney.com. But, if they didn’t, bother – and they were going to lose that money – why shouldn’t you get a cut for saving it for them?
And remember, you can find answers to all kinds of questions about abandoned or unclaimed funds and other tax issues, free.
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Where? Where else? At TaxMama.com
- Ask TaxMama :: Where taxes are fun and answers are free
- www.TaxQuips.com :: The number ONE free tax podcast online
- IRS.gov :: Individuals Who Failed to File a 2004 Return with an Estimated Refund
- U.S. Senator Dorgen :: List of North Dakotans with unclaimed IRS refunds
- MSNBC article :: You might be rich – do your own search!
- Missing Money :: in association with the NAUPA
- NAUPA :: National Association of Unclaimed Property Administrators
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