unclaimed property in Pennsylvania

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@bal4469 wrote:

I am working taxes and the person has informed me they received $55,000 unclaimed property from the state of PA.  It is a result of charles schwab turning their investments over to the state.   I am trying to confirm what type of account  it was, regular investments or and roth IRA.  I can't imagine this is fully taxable but I have no idea where to start.  Any advice?  Thank you Beth

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Yes, use caution! Who is this "person" that informed you they "received $55,000" (when you were "working taxes") and why did Schwab turn investments "over to the state"? 

This almost sounds like some sort of scam. You can check out whether you have unclaimed property with the State of Pennsylvania at the link below. Regardless, make sure you are working with someone reputable.

https://www.patreasury.gov/unclaimed-property/

Your best bet for determining the tax nature of this recovered property is the owner of the property, your best friend, as they are the one's who provided the necessary proof to convince the state of PA to send them the check.  The brokerage firm is required to report the abandoned/lost property after three years of no contact by the owner.  Hopefully your friend can provide some statements or tax documents  that can be used to gain some understanding of what assets were in this brokerage account.  This would give some info as to account numbers, broker that they dealt with, or they may be able to request the information from the brokerage itself.  Most brokerage that I'm familiar with can electronically access account information going back at least seven years.  Your friend will need to either provide more information or approach Charles Schwab for help in researching the account (s).