Unclaimed Property: Adding Money to Your Wallet During COVID-19

Unclaimed Property: Adding Money to Your Wallet During COVID-19

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By Ann Ramage, CPA, Tax Partner | Family, Executive & Entrepreneur Advisory Services Team

Find Money by Searching Your State’s Unclaimed Property Website

Finding out you have a credit on your account or an extra few dollars on a gift card or prepaid debit card can start your day off right or make you feel like you have caught a bit of good luck. So as COVID-19 continues to impact the economy, the following is one more opportunity that may be available to you to catch a bit of luck and add a few more dollars to your wallet.

What is Unclaimed Property?

Unclaimed property is considered any tangible or intangible property that has gone unclaimed by its owner for an extended period of time. Some examples of unclaimed property include:

  • Gift cards
  • Deposits
  • Un-cashed refunds
  • Abandoned savings accounts
  • Orphaned 401k accounts
  • Insurance proceeds

A February 2020 study by smartasset estimates 49.5 billion dollars of unclaimed property exists in the United States and of that amount approximately 1.5 billion dollars is estimated to be custodied by the State of Virginia1.

Each state has a dedicated website (typically connected to the state’s Treasury Department) that you may search to find out if you have unclaimed property. The state’s website may typically be found using a search term such as “state name’s unclaimed property”. We recommend you search all versions of your name on the websites for the states in which you currently or have previously resided. Based on the mechanics of the Virginia unclaimed property website (each state’s website may be a little different), once the site generates the results, you may proceed with claiming the property. Filing the claim may require you to provide some proofs of identity such as a copy of your driver’s license, a tax document and/or a completed and executed Form W-9.

Virginia and Surrounding States UnclaimeD Property Websites

Unclaimed Property Reminder for Businesses

Review your business records to be sure you do not need to remit/turn over any unclaimed property to a state. For more information, access our additional Unclaimed Property articles:

If you have questions, please reach out to your Keiter Opportunity Advisor or Email | Call: 804.747.0000 so we may assist you in the search. Happy hunting for some spending money.

Reference 1https://smartasset.com/personal-finance/the-top-states-for-unclaimed-property#:~:text=Key%20Findings,States%2C%20according%20to%20our%20research.

 


About the Author

Ann has 20 years of experience providing tax planning opportunities and insights to operating entities, investment partnerships, trusts and high wealth individuals and families. Ann is a member of Keiter’s Family, Executive, and Entrepreneur Advisory Services team and works closely with individuals and family offices to address their various tax compliance, consulting and estate planning needs.

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The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.

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