The second estimated tax payment is due June 17, 2024, if you're paying federal income tax in quarterly installments

If you're self-employed, a freelancer, or earn income that doesn't have taxes withheld automatically, the IRS expects you to pay estimated tax four times a year. The second payment covers income earned from April 1 through May 31. The due date is always the 15th of the month following the quarter — so the second quarter payment lands on June 15, though if that falls on a weekend or holiday, it shifts to the next business day.

The amount you owe depends on your projected annual income and tax liability. You calculate it yourself using Form 1040-ES, which the IRS publishes each January. If you underpay, you'll owe a penalty when you file your annual return. If you overpay, you get a refund or can credit the excess toward your next payment.

The payment goes to the IRS directly, not to your state or local tax authority. You can pay online through IRS Direct Pay, by phone, by mail, or through an authorized payment processor — each method has different timing rules for when the IRS actually receives the money.

Key Takeaways

  • The second estimated tax payment is due June 15 each year (or the next business day if that date falls on a weekend or holiday).
  • You owe this payment if you're self-employed, a contractor, or have income sources without automatic tax withholding, and you expect to owe $1,000 or more in federal taxes for the year.
  • The amount is based on your projected annual income and calculated using IRS Form 1040-ES, which you complete yourself.
  • Paying online through IRS Direct Pay or the Electronic Federal Tax Payment System (EFTPS) is the fastest and most reliable method.
  • Missing the important date triggers a penalty on the unpaid amount, even if you pay the full tax when you file your annual return.

How the IRS calculates the amount you owe

The IRS doesn't tell you how much to pay — you estimate it yourself using Form 1040-ES. The form walks you through four worksheets that account for your expected income, deductions, credits, and tax rate. You divide your projected annual tax liability by four and pay that amount each quarter.

If your income is uneven — say you earn most of your money in the fall — you can pay different amounts each quarter instead of equal installments. This is called annualized installment payment and requires Form 2210, but it only makes sense if the variation is significant enough to save you penalty money.

The IRS publishes updated tax tables and worksheets in Form 1040-ES each January. If you paid estimated taxes last year, that form includes a worksheet to help you decide whether to use last year's tax as your estimate for this year. This is often simpler than projecting current-year income, especially early in the year when you don't yet know what you'll earn.

Payment methods and when the IRS actually receives your money

The IRS accepts payments through several channels, and the timing varies. IRS Direct Pay is free and the fastest — you can pay directly from your bank account, and the IRS receives it the same day if you submit before 8 p.m. Eastern Time. EFTPS (Electronic Federal Tax Payment System) is also free but requires advance registration; you schedule payments up to 120 days in advance, and they post on the date you specify.

Credit card and debit card payments go through third-party processors approved by the IRS. These processors charge a fee — typically 1.87% to 2.35% of the payment amount — and the IRS receives the money within one to two business days. Paying by mail takes seven to ten business days from the postmark date, so if you mail a check for the June 15 important date, it needs to be in the envelope by June 8 to arrive on time.

The IRS considers your payment on time if it's received by midnight Eastern Time on the due date. If you're cutting it close, pay online. If you mail a check and it arrives late, the postmark date is what matters — a check postmarked June 15 is on time even if it arrives June 20.

What happens if you miss the June important date

Missing the second payment important date triggers an underpayment penalty on the amount you didn't pay. The penalty is calculated daily from the due date until you pay, and the rate changes quarterly — it's currently around 8% annually, though the IRS adjusts it every three months. The penalty applies even if you pay the full tax when you file your annual return in April.

You can't avoid the penalty by paying late, but you can reduce it if you have a reasonable cause. The IRS recognizes certain hardships — a serious illness, a death in the family, or a natural disaster — as reasons to waive or reduce the penalty. You'll need to explain the situation when you file your return and request penalty relief on Form 843.

If you realize mid-year that you've underpaid, you can catch up by increasing your remaining quarterly payments. If you're in June and haven't paid the second installment yet, pay it when ready and adjust your third and fourth payments upward. This won't eliminate the penalty for the second quarter, but it prevents additional penalties on the later payments.

Estimated tax if you're an employee with a side business

If you have a W-2 job and also earn self-employment income — freelance work, rental income, or a side business — you may owe estimated tax on the self-employment portion. Your employer withholds tax from your W-2 paycheck, but that withholding doesn't cover the additional income.

You can adjust your W-4 to increase withholding from your paycheck instead of paying estimated tax separately. This is often simpler than calculating quarterly payments. You tell your employer to withhold an extra amount each pay period, and that counts toward your total tax obligation. The IRS doesn't care whether the money comes from paycheck withholding or estimated payments — it just needs to receive roughly 90% of your current-year tax or 100% of last year's tax by the end of the year to avoid penalties.

Tracking your payments and what records to keep

The IRS tracks estimated tax payments automatically if you pay through Direct Pay or EFTPS — you'll see them on your IRS account online. If you pay by check or credit card, keep the payment confirmation or receipt. When you file your annual return, you'll report all four quarterly payments on Form 1040, line 37.

If you pay by check, write "2024 Form 1040-ES" and your Social Security number on the check itself. Mail it to the address shown in the Form 1040-ES instructions — the address varies by state. If you pay online, you'll receive a confirmation number when ready; save it in case the IRS ever questions whether a payment was received.

The IRS matches your reported payments to what they received. If there's a discrepancy — you reported a payment that didn't arrive, or you paid but didn't report it — you'll hear about it when you file your return. Having your confirmation numbers and bank records makes it straightforward to resolve.

State and local estimated tax payments

Federal estimated tax is separate from state and local taxes. Many states that have income tax also require quarterly estimated payments, and the due dates often align with the federal schedule — June 15 for the second quarter. Some states use different dates or different payment systems.

Check your state's tax authority website for the specific due date and payment method. If you live in a state with no income tax, you only owe federal estimated tax. If you live in a state with income tax but work for an employer in another state, you may owe estimated tax to both states — the rules vary, and a tax professional can clarify your situation.

Frequently Asked Questions

What if June 15 falls on a weekend or holiday?

The due date shifts to the next business day. In 2024, June 15 is a Saturday, so the important date is Monday, June 17. The IRS publishes the official due dates each year in the Form 1040-ES instructions and on its website.

Can I pay the second quarter payment late if I pay extra the next quarter?

No. Each quarterly payment has its own due date, and missing one triggers a penalty on that amount. You can't make up for it by overpaying later. However, you can reduce the penalty if you have a reasonable cause — illness, death, or disaster — by requesting relief when you file your return.

Do I have to pay estimated tax if I'm not sure how much I'll earn?

You're required to pay if you expect to owe $1,000 or more in federal taxes for the year. If your income is uncertain, use Form 1040-ES to estimate conservatively — it's better to overpay and get a refund than to underpay and owe a penalty. You can adjust your estimate each quarter as your actual income becomes clearer.

What's the difference between paying online and by check?

Online payments (Direct Pay or EFTPS) are free, arrive the same day, and are tracked automatically by the IRS. Checks are free but take seven to ten days to arrive and require you to keep records. If you're close to the important date, pay online.

If I overpay estimated tax, do I get a refund?

Yes. When you file your annual return, the IRS compares your total estimated payments to your actual tax liability. If you overpaid, you can request a refund or explore the excess to next year's estimated tax payments.