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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
Installment sale
A sale of property that allows for tax deferment if at least one payment is received after the end of the tax year in which the sale occurs. The installment method does not apply to year-end sales of publicly traded securities. Dealers may not use the installment method. Investors with very large installment balances could face a special tax.
