Claiming Unclaimed/Withheld Money from the State

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American In Korea
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Claiming Unclaimed/Withheld Money from the State

Post by American In Korea »

I went to the Ohio Comptroller's site for unclaimed funds and was linked to this non-governmental site http://www.missingmoney.com/Main/Index.cfm

Has anybody else had success getting unclaimed money? What site did you use?
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sperry8
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Re: Claiming Unclaimed/Withheld Money from the State

Post by sperry8 »

I've done it before. I used this https://ucpi.sco.ca.gov/ucp/ and this http://sco.ca.gov/upd.html in California and I got back $150. An old fund account I closed but had some unpaid dividends that I didn't know about. Was quite easy to do - although it took many months before the check arrived. But arrive it did.
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LifeIsGood
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Re: Claiming Unclaimed/Withheld Money from the State

Post by LifeIsGood »

Also try http://www.unclaimed.org/. I've found money there that Missing Money missed.
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momar
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Re: Claiming Unclaimed/Withheld Money from the State

Post by momar »

I've gotten money from both PA and FL. I just used the state unclaimed property sites and mailed in the forms with a photocopy of my driver's license.
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HANK1964
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Re: Claiming Unclaimed/Withheld Money from the State

Post by HANK1964 »

On 11/8/13 we filed a claim with Ohio. We requested the forms online and we received them in just a few days. In our case the money, in two amounts, was in my wife's maiden name with her address at the time we married almost 50 years ago. The two amounts were for mutual fund dividend distribution and and subsequent fund liquidation both since 2000. My wife has no idea where the money originally came from. It could have been an unknown college graduation present from her parents. We also have no idea as to what happened to any dividend and capital gain distributions prior to 2000. The Ohio forms state it can take up to 120 days to process the claim.

I hope this helps.
123
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Re: Claiming Unclaimed/Withheld Money from the State

Post by 123 »

It's always a good idea to check unclaimed property websites for your state(s). There can be substantial sums of money waiting. My mother received a couple of thousand dollars from the demutualization of Metropolitan Life Insurance that ended up with the state because Metropolitan Life didn't update her address records even though she had a written to, and received responses from them a number of times since her last move 40 years ago. A number of the large life insurance companies have similarly demutualized. When I checked for unclaimed property of former neighbors of similar age (late 80's) I was surprised to see how many had exactly the same situation. Many (now small) policies were paid-up years ago and were just sitting there, when the demutualization payments were made in the 1990's and early 2000's. The demutualization payments far exceeded the face value of the policies.
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Iorek
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Re: Claiming Unclaimed/Withheld Money from the State

Post by Iorek »

I had a small amount of unclaimed property once but the reason it was unclaimed is I had lost the paperwork to prove it was mine, and the state wanted that same paperwork to prove it was mine, so I gave up.
Mick
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Re: Claiming Unclaimed/Withheld Money from the State

Post by Mick »

We had gotten some money back from Colorado a couple of years ago. No idea what it was from but it was for an address where I lived some 30 years ago. Surprisingly I still had some paperwork showing I had lived at that address and was able to claim it. Did another search after seeing this thread and found all of $4.28 unclaimed in Missouri. It had a former street address with a former city but the two together were wrong. I'll file for it just so it doesn't keep popping up when I look again in a few years.
Old Guy
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Re: Claiming Unclaimed/Withheld Money from the State

Post by Old Guy »

I once got back $5.00 from the State of Virginia.
HANK1964
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Re: Claiming Unclaimed/Withheld Money from the State

Post by HANK1964 »

To User 123

I tried to submit this post a few minutes ago but it did not appear on the site so I am trying again. If my original message and this one show up you will know why.

Thank you for your post. In my wife's case it was also Met Life. The first, and smaller, amount was shown on the claim form we received from Ohio as a dividend but the second, and much larger, amount was shown as "demutualization" which I incorrectly thought dealt with a mutual fund.

Do you have any idea as to whether or not the return of the unclaimed monies is considered a taxable event?
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runner9
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Re: Claiming Unclaimed/Withheld Money from the State

Post by runner9 »

American In Korea wrote:I went to the Ohio Comptroller's site for unclaimed funds and was linked to this non-governmental site http://www.missingmoney.com/Main/Index.cfm

Has anybody else had success getting unclaimed money? What site did you use?
Exact same process about a year ago, no issues and it seemed timely. Was $25 or so in my wife's maiden name.
123
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Re: Claiming Unclaimed/Withheld Money from the State

Post by 123 »

To User HANK1964

Receiving unclaimed property back would likely be the same for tax purposes as if you had not "lost" it in the first place, the timing would just be different. Instead of counting it in 1998 (for example) it would get counted in the year you actually received it (2013 if you received it this year). If its proceeds of a bank account it was generally already your money so getting it back again shouldn't be taxable.

The irs.gov gives the following advice about demutualization "Generally, a demutualization is a tax-free reorganization under Internal Revenue Code section 368..." but I would investigate it further to be sure it the situation. There seem to be a number of ways it could be handled depending on the situation specifics.

Congratulations on locating demutualization proceeds, they're usually a pleasant discovery.
The closest helping hand is at the end of your own arm.
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