Second quarterly estimated tax payment for self-employed and high-earning individuals.
The Q2 estimated tax payment covers April–June income. This is your second of four quarterly payments and is due June 15. Use the same calculation method as Q1 (total estimated annual tax ÷ 4).
By mid-June, you have six months of actual income data. This is a good checkpoint to reassess your year-to-date income and adjust your Q3 and Q4 payments if your earnings are higher or lower than initially estimated. For example, if you've earned 35% of your annual income by June (vs. expected 50%), you can reduce your Q3–Q4 payments accordingly.
The IRS allows true-up adjustments to quarterly payments. If you dramatically underestimated income in Q1 and Q2, you can increase Q3 and Q4 payments to avoid penalties.
Underpaying estimated taxes results in:
- Underpayment penalty accruing from Q2 through year-end
- Interest compounding quarterly
- Larger balance due on April 15 of next year
Add this deadline to your phone, calendar, or reminder app 2–3 weeks in advance to avoid last-minute stress.