GOBankingRates reported several incidents of taxpayers accidentally throwing away free money in the form of tax refunds and stimulus payments.
Residents may have assumed the mail was junk or scam mail which they would immediately place into a trash or shredder. GOBankingRates reported several residents in California have thrown out their $1,050 Middle-Class Tax Refund.
The letter’s appearance must have contributed to the confusion. Sometimes, prepaid debit cards are enclosed in an envelope that looks like junk mail. There are also cases of receiving just a plain white envelope with no federal symbol to distinguish it as an official document.
Luckily, the state and federal governments provide call lines if the taxpayer accidentally disposes of or shreds the stimulus payment. Taxpayers should double-check their mail before tossing them, particularly the following mail:
Health Insurance Rebate Checks
According to CNBC, 8.2 million Americans may receive a rebate from their health insurance provider soon. The rebate comes after the government’s rule of requiring the insurers to spend at least 80% of premiums on healthcare costs and reimburse for the difference once they meet the threshold.
Car Insurance Refund Checks
Several taxpayers may receive car insurance refund checks. In Michigan, residents receive $400 from car insurance refund payments due to a surplus in profits verified by state insurance agencies. Other states may also issue refund checks in the following months. It is best to check with your insurance company regarding this policy.
Bill Pay Checks
Some clients of freelancers or contract workers usually remit payment through a “bill pay” service provided by their bank. In this method, the client will input the data into their banking platform, and the bank will handle the process and mail them to the recipient. It is best to double-check your mails, especially if you got a new client and are not expecting to be paid in this manner.