Sentence structure of "It is time we found out" [duplicate]

I've heard in a lot of movies they use this format :

"It is time we found out"

Now I would like to know if the sentence " It is time we find out " incorrect and why we are using a past tense in the first place although the action has not taken place yet.


A past tense after "It's time/high time/about time" is a subjunctive.

"It's time we went* to bed" means the same as "We should go to bed, it's the time for going to bed. (The asterisk marks the subjunctive.)