Every year in the United States, a large amount of money goes unclaimed, and a big part of it belongs to citizens who simply don’t know it’s theirs or forget to claim it. In Arizona, this issue has become more serious in recent years. If more people took a few minutes to check, thousands of families could benefit from this unclaimed money.
Where Does This Unclaimed Money Come From?
Most of the unclaimed money is from state and federal tax refunds. But it can also include things like old bank accounts, uncashed checks, or payments for services that were never used. Even though this money still legally belongs to people, it just sits there because no one claims it.
By law, the state must hold this money safely until the rightful owner claims it. But the problem is, many people don’t even know they are owed money, and some refunds come with deadlines. If they are not claimed in time, they could be lost forever, especially federal tax refunds.
Arizona Reports Record-High Unclaimed Tax Refunds
In the last tax year, the Arizona Department of Revenue (ADOR) returned more than $88 million in unclaimed property. This is a big increase compared to the average of $57 million in the previous five years. Even more surprising, millions of dollars are still waiting to be claimed.
An internal check by ADOR found that there’s at least another $17 million in tax over payments yet to be refunded. Around 46,000 people paid more tax than needed but never got their money back. One reason for this is a technical issue—some of this money isn’t showing up on the state’s unclaimed property portal, so people don’t even know they have money waiting.
What Is Being Done to Fix This?
To fix the issue, a special team has been set up by ADOR to solve the system error and help people get their money. While there’s no fixed date for when the problem will be fully solved, the department is already working on short- and long-term plans to speed up the process.
In the meantime, Arizona residents can still check for unclaimed money using the state’s official unclaimed property portal or the national search tool.
What You Should Do If You Think You Have Unclaimed Money
If you have changed your address, worked in different places, or closed bank accounts in recent years, it’s a good idea to check regularly. The process is simple. You just need to type in your name and see if there’s a match. If there is, you’ll need to show ID and a document that proves your link to the money or address.
Keep in mind that federal tax refunds have a deadline of three years. If you miss this window, you lose the money. However, unclaimed state property can be claimed anytime—it doesn’t expire.
Why This Matters Even More Now
This issue has gained more attention because of a recent legal case. Arizona is currently in a dispute with the IRS over whether a special refund called the “Arizona Families Tax Rebate” should be taxed. The case is still ongoing, but it shows how important it is to stay informed about tax refunds and any money you may be owed.
So, don’t miss the chance to check. It only takes a few minutes to see if you have money in your name—and it could make a big difference.