Due June 15, 2026. Calculate your payment, avoid the 8% IRS underpayment penalty, and account for OBBBA 2026 tip/overtime exemptions.
Federal Q2 estimated tax payments for the period April 1 to May 31, 2026 are due Monday, June 15, 2026. Required if you expect to owe more than $1,000 in federal tax after withholding. Calculate by dividing total estimated 2026 tax by 4, or use safe harbor (100% of 2025 total tax, divided by 4 — or 110% if your 2025 AGI exceeded $150,000). The IRS underpayment penalty rate for 2026 is 8% APR, applied per-quarter.
| Quarter | Income Period | Due Date | Form |
|---|---|---|---|
| Q1 | Jan 1 - Mar 31 | April 15, 2026 | 1040-ES |
| Q2 (next) | Apr 1 - May 31 | June 15, 2026 | 1040-ES |
| Q3 | Jun 1 - Aug 31 | Sept 15, 2026 | 1040-ES |
| Q4 | Sep 1 - Dec 31 | January 15, 2027 | 1040-ES |
Enter your underpayment amount and how many days it remained unpaid. Uses 2026 IRS rate of 8% APR.
Marcus is a freelance designer expecting $85,000 in net 2026 self-employment income. He uses standard deduction ($16,100 single), no other income.
Step 1 — Federal income tax estimate: $85,000 - $16,100 std deduction = $68,900 taxable income. Apply 2026 brackets: $1,160 (10% × first $11,600) + $4,266 (12% × $11,600-$47,150) + $4,786 (22% × $47,150-$68,900) = $10,212 income tax.
Step 2 — Self-employment tax: $85,000 × 92.35% × 15.3% = $12,015 SE tax. Half of SE tax ($6,008) is deductible above the line — recalculate: ($85,000 - $6,008 - $16,100) = $62,892 taxable → income tax becomes ~$8,887.
Step 3 — Total annual tax: $8,887 income tax + $12,015 SE tax = $20,902 total.
Step 4 — Quarterly amount: $20,902 / 4 = $5,226 per quarter. Marcus pays this Q1 (April 15), Q2 (June 15), Q3 (Sept 15), Q4 (January 15).
Safe harbor alternative: If Marcus paid $19,000 total tax in 2025, he can pay $19,000/4 = $4,750/quarter and be fully penalty-proof regardless of actual 2026 income.
Under OBBBA 2026, two major income categories became federally tax-exempt for income tax (FICA still applies):
Estimated tax impact: Reduce your taxable income base by these amounts when calculating Q2 payments. A server who earned $35K tips + $25K wages now estimates tax only on $25K wages (was $60K combined). Lower quarterly payments, lower total tax, simpler math.
Get a guided 5-step walkthrough with exact federal + state quarterly amounts.
Open Guided Filing →Anyone expecting to owe more than $1,000 in federal tax after withholding and credits. Most common: self-employed (1099 contractors, freelancers, gig workers), landlords, investors with significant capital gains or dividends, and W-2 employees with major side income or insufficient withholding. The 2026 Q2 deadline is June 15, 2026 (technically June 16 if June 15 falls on weekend; in 2026 it's Monday June 15).
The 2026 IRS underpayment penalty rate is 8% APR (federal short-term rate + 3 percentage points), applied quarterly to each underpayment from its quarterly due date through the date paid or the April 15, 2027 filing deadline. Penalty applies if you owe more than $1,000 at filing time AND failed to meet either safe harbor: 90% of current year liability OR 100% of prior year liability (110% if prior AGI exceeded $150,000).
Calculate: (1) Estimate your total 2026 tax liability based on YTD income trends, (2) Subtract withholding already done from W-2 wages, (3) Divide remaining liability by 4 quarters. For Q2 (covering April 1 - May 31 income), pay 25% of total annual estimated tax minus what you paid in Q1. Safe harbor shortcut: divide last year's total tax by 4 (or × 110%/4 if prior AGI > $150K) and pay that — penalty-proof regardless of actual income.
Three major OBBBA 2026 changes affect quarterly estimates: (1) Tips earned by service workers are federally tax-exempt for income tax (FICA still applies) — exclude from estimated income tax base, (2) Overtime pay beyond 40 hours/week is federally tax-exempt for income tax — exclude from estimated tax base, (3) The SALT cap raised from $10K to $40K may reduce your itemized AGI calculation. These changes mean lower estimated tax payments for tipped workers, hourly OT workers, and high-tax-state itemizers.
The IRS treats each quarter independently. Missing Q2 doesn't void your year — but the IRS calculates underpayment penalty separately for the Q2 underpayment from June 15 through the date you eventually pay (or April 15, 2027). At 8% APR on a $2,500 underpayment for ~10 months, that's ~$166 penalty. Pay as soon as possible after the deadline to minimize accrued penalty. You can pay via IRS Direct Pay, EFTPS, or Form 1040-ES voucher.
Yes if your withholding is sufficient. The penalty applies only if you owe more than $1,000 at year-end. If your W-2 withholding plus other payments cover at least 90% of your current tax OR 100%/110% of last year's tax, you're penalty-proof regardless of estimated payment behavior. Use the IRS withholding estimator quarterly to confirm you're on track.
Three free methods: (1) IRS Direct Pay at irs.gov/payments — pay directly from checking/savings account, no fees, instant confirmation, (2) EFTPS (Electronic Federal Tax Payment System) — requires advance enrollment but supports scheduled payments, (3) Form 1040-ES voucher mailed to IRS with check. Card payments work but charge 1.85-1.99% processing fees. Save the confirmation number for tax season.
Tax calculations are estimates for educational and informational purposes only. This site does not provide tax, legal, or financial advice. Tax laws change frequently. Always consult a qualified tax professional for advice specific to your situation. Data sourced from IRS publications and official state tax authority websites.
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