Stimulus Update: Deadline Looms to Collect Missing Stimulus Payments

Today is the day to ensure you're paid what you're owed.

If you open your mailbox to find a letter from the IRS, don't panic. It's probably good news. The IRS announced last month that it's attempting to contact more than 9 million Americans still owed stimulus payments, expanded Child Tax Credit payments, or the Earned Income Tax Credit (EITC).

The deadline to file for free is upon us

Due to all that's going on, the IRS decided to keep its free filing tool open for an extra month this year. That means you have through Thursday, Nov. 17, to file your 2021 tax return for free and receive any credits due.

Remember: Even if you're not normally required to file a tax return due to income, go ahead and file in order to receive credits. If nothing else, it could help offset the impact of inflation.

Filing made easy

According to the IRS, here are the steps to take if you're not typically required to file taxes:

• Go to IRS.gov/FreeFile
• Select the "Choose an IRS Free File Offer." It's the blue button.
• Select "Browse all offers" and look for a product that has no minimum income requirement.
• Select the product that best meets your needs. You will automatically be redirected to that company's website (don't worry; they're working hand in hand with the IRS).
• Answer a series of questions.
• Sign the return and file it electronically.

If you don't have access to a computer, you can even complete your tax returns from a smartphone. It really is that easy.

Need more help?

If you're still concerned that filing might be difficult, the IRS offers both Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) Programs. These are staffed by IRS-trained volunteers who can help you get your taxes filed. And because they're volunteers, you know they want to make sure you get all the financial benefits you're due.

For military service members, qualifying family members, and some veterans, filing through MilTax is also free. MilTax software walks you through the process, but if you find that you need extra help, there's an 800 number you can call.

How much money are we talking?

If you wouldn't walk past thousands of dollars lying in the street, why pass up money that's due you? These are funds you could use to buy food, cover bills, or even tuck away in a savings account. Here's the kind of money we're talking:

Expanded Child Tax Credit: Your credit can be as much as $3,600 per child.

Earned Income Tax Credit:

Recovery Rebate Credit (stimulus check): The third stimulus payment was $1,400 for each qualifying adult in your family, plus $1,400 for each eligible child or adult dependent. If you're a single taxpayer with an AGI of $75,000 or less, a head of household with an AGI of $112,500 or less, or a married couple with an AGI of $150,000 or less, you're due the entire amount.

If you earn more, the credit is phased out. You may still receive a reduced amount of stimulus funds.

To be clear, if you're due a refund, there is no IRS penalty for failure to file a tax return. However, if you are due a refund -- even if it consists entirely of tax credit -- the law provides most taxpayers with a three-year window to claim the refund.

But why wait? There must be dozens of ways that money could make your life easier now.