Kentucky Unclaimed Property: Residents Encouraged to Reclaim Lost Assets Worth $800 Million
Opportunity for Kentucky Residents: $800 Million in Unclaimed Property and Money Await Retrieval
In a notable revelation nearly $800 million in unclaimed property and money has surfaced in Kentucky presenting an opportunity for residents to reclaim lost or forgotten assets, according to the published article of FOX 56 NEWS. The Kentucky state treasurer’s website disclosed this substantial figure indicating that the unclaimed property fund encompasses various forms of assets, including payroll checks, unclaimed safety deposit boxes, old life insurance policies, stocks and vendor checks. Notably, the process of claiming unclaimed property from Kentucky is facilitated at no cost by the Office of the State Treasurer with assets reported under the name or social security number of the owners alongside any available owner information.
Kentucky law mandates that companies notify potential owners via mail about unclaimed assets with assets reverting to the Kentucky State Treasury Unclaimed Property Division if left unclaimed for 60 days. To ascertain if any unclaimed property is rightfully theirs, Kentucky residents can utilize the kyclaims.unclaimedproperty.com website. Moreover, individuals can explore missingmoney.com to determine if they possess assets beyond the state’s jurisdiction. Notably, if individuals receive letters from companies regarding unclaimed funds, the state treasurer advises them to directly contact the respective companies to facilitate the claim process.
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IRS Urges Action: Unclaimed Property Worth Over $1 Billion Nationwide, Including $11 Million in Kentucky Alone
Furthermore, the Internal Revenue Service (IRS) has underscored the urgency for individuals to claim unclaimed refunds particularly in light of the approaching deadline. With roughly 940,000 Americans in the United States having until May 17th to file tax returns for unclaimed refunds totaling over $1 billion nationwide, the IRS urges taxpayers to seize this opportunity. In Kentucky alone, an estimated 10,600 individuals risk forfeiting an average of $920 each in unclaimed taxes, totaling a staggering $11,236,300 in potential returns. This highlights the importance of proactively checking for unclaimed assets to ensure that individuals receive what rightfully belongs to them. The gravity of the situation underscores the necessity for individuals to proactively check for unclaimed assets and ensure that they receive what rightfully belongs to them.