Tax Season & Unclaimed Property

As tax season rolls around, many of us are focused on preparing for the April 15th deadline. But did you know that tax season is also a great time to check if you have unclaimed property waiting for you? Whether it's a forgotten bank account, insurance policy, or even a utility deposit, unclaimed property is money that could be yours. And getting it back is easier than you might think.

What is Unclaimed Property?

Unclaimed property refers to financial assets that have been abandoned or forgotten about. This can happen when you move and forget to update your address, when a company loses contact with you, or even when you forget about a bank account, insurance policy, or security deposit. These assets are held by state governments until the rightful owner claims them.

Some common types of unclaimed property include:

• Bank accounts
• Uncashed checks or insurance policies
• Utility or rent deposits
• Payroll checks
• Tax refunds

These forgotten funds may seem small, but they can add up, and they’re rightfully yours. Fortunately, you don’t have to spend time searching through old records or making numerous calls. States have systems in place to help you locate your unclaimed property, and most of the process can be done online.

Why Should You Check for Unclaimed Property During Tax Season?

Tax season is a natural time to review your finances and make sure everything is in order. While you’re going through your financial documents, take a moment to check if you have any unclaimed property. There are a few reasons why this is a smart idea:

• Extra Cash: If there’s money out there waiting for you, why not claim it? Your unclaimed property could be a helpful addition to your tax refund or provide some extra funds to pay off debt or grow your emergency fund.

• Peace of Mind: Knowing that all your assets are accounted for can reduce financial stress. If you’re already focused on taxes, why not make sure you’re not missing out on other financial resources.

• It’s Easy: The process of claiming unclaimed property is typically straightforward and can often be done online in just a few simple steps.

How to Return Your Unclaimed Property

If you think you might have unclaimed property in Kentucky, the good news is that it’s easy to find and claim your assets online. The Commonwealth of Kentucky has an official online database where you can search for unclaimed property, check its status, and start the process of returning it to you.

Here’s how to get started:

1. Visit the Kentucky Unclaimed Property Website: Go to https://kyclaims.unclaimedproperty.com.

2. Search for Your Property: Use the search function to check if there are any unclaimed assets in your name. All you need is your name or business name to start.

3. Claim Your Property: If you find something that belongs to you, follow the steps on the website to submit your claim. You’ll likely need to provide some identification and verification details to confirm that you’re the rightful owner.

4. Wait for Processing: Once your claim is submitted, the Kentucky Treasury will review it and process your request. Depending on the amount and type of property, it may take some time to receive your funds.

Tax season is a great time to get your finances in order, and checking for unclaimed property is a quick and easy way to ensure you're not missing out on any money that’s rightfully yours.

At Commonwealth Credit Union, we’re here to help you manage your finances and take advantage of every opportunity to improve your financial future. If you have questions or need assistance, don’t hesitate to reach out. Let’s make this tax season a win for your financial health!