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Submitted By: Martha
Answered: August 20, 2013 8:30 am
Answered: August 20, 2013 8:30 am
I filed my tax return electronically in March and underpaid my taxes. I opted to let the IRS figure my penalties and interest, but haven’t heard anything from them yet. Does it always take this long?
Usually, the IRS is rather prompt in asking for additional money. You can contact the IRS by calling 800-829-1040 (Monday–Friday, 7:00 a.m.–7:00 p.m. your local time). When calling, have a copy of your return on hand because you’ll likely be asked questions about your entries (e.g., adjusted gross income; taxable income; tax due) to verify who you are.
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Tax Glossary
Deductions
Items directly reducing income. Personal deductions such as for mortgage interest, state and local taxes, and charitable contributions are allowed only if deductions are itemized on Schedule A, but deductions such as for alimony, capital losses, moving expenses to a new job location, business losses, student loan interest, and IRA and Keogh deductions are deducted from gross income even if itemized deductions are not claimed.
