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Frequently Asked Questions

What is unclaimed property?

Generally, unclaimed property is any financial asset that hasn't had any activity for a period of one year or more and the holder of the asset is not able to contact the owner. This includes:

  • Savings accounts
  • Checking accounts
  • Uncashed dividends
  • Stocks and mutual funds
  • Customer deposits or overpayments
  • Certificates of deposit
  • Credit balances
  • Refunds
  • Matured life insurance policies
  • Uncashed death benefit checks
 

The unclaimed property law also requires that utility deposits, unclaimed wages and property resulting from a business closure, be reported as unclaimed property after one year of inactivity. The law does not include real estate.

FAQs

Effective January 1, 2018, pursuant to the Tax Cuts and Jobs Act (Pub. L. No. 115-97), a conversion from a Traditional IRA, SEP, or SIMPLE to a Roth IRA cannot be recharacterized. The law also prohibits recharacterizing amounts rolled over to a Roth IRA from other retirement plans, such as 401(k) or 403(b) plans.

A Roth IRA conversion made in 2017 may be recharacterized as a contribution to a traditional IRA if the recharacterization was made by October 15, 2018. A Roth IRA conversion made on or after January 1, 2018, cannot be recharacterized. For details, see “Recharacterizations” in IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).

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