Every year, the IRS has its hands full processing tax returns and issuing tax refunds. As it mails out the tax refunds every year, the IRS can only go by the person or family’s last known address. If the person moves or the check gets lost, the tax refund will go back to the government where it will be deemed unclaimed money. This would be no problem if it only happened to a few tax paying citizens. The thing is, there are billions of dollars being held by states and the federal government and much of that sum is due to the growing tax refund problem. How do we solve this problem? We need to educate Americans that their tax refunds may be being held as unclaimed money.
Unclaimed money sounds like money you find on the street corner or maybe money left in a wallet that was placed in lost-and-found. While those kinds of unclaimed money are always fun to find, there is way more unclaimed money in this country than you may think, and it’s not all on street corners and in lost-and-found boxes. Instead, unclaimed money is sitting in government accounts all over the U.S., several billion dollars worth to be exact. How can so much money go missing? Let’s find out.
Unclaimed Money Is A Billion Dollar Problem in The U.S.