Submitted By: Martha
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.

Tax Glossary

Real estate investment trust (REIT)

An entity that invests primarily in real estate and mortgages and passes through income to investors.

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