Self-employed individuals, freelancers, and 1099 contractors must submit their second-quarter estimated tax payments today, June 15, 2026, to avoid IRS penalties. This deadline applies to income earned between April 1 and May 31, and covers both federal income tax and self-employment tax obligations.
Estimated tax payments are required for self-employed workers because they don’t have taxes withheld from paychecks like traditional W-2 employees do. According to the IRS, self-employed individuals are generally required to file an annual income tax return and pay estimated taxes quarterly throughout the year.
The penalty for missing the deadline is not a flat fee but an underpayment penalty that compounds from the due date until you pay. According to the Instead platform, missing the Q2 deadline triggers an underpayment penalty that compounds from the due date until you settle your obligation. The IRS will not charge you an underpayment penalty if you pay at least 90% of the tax you owe for the current year, or 100% of the tax you owed for the prior year, according to H&R Block.
To calculate your Q2 payment, self-employed individuals use IRS Form 1040-ES. According to Paychex, one method involves multiplying your estimated total income by 92.35% to get taxable self-employment income, then multiplying that result by 15.3%, which is the combined Social Security and Medicare tax rate. This self-employment tax is in addition to your federal income tax liability. For those with uneven income throughout the year, the IRS allows adjustments to quarterly payments.
The Q2 deadline is the second of four annual payment dates. The remaining deadlines for 2026 are September 15 for the third quarter and January 15, 2027, for the fourth quarter. The first-quarter payment was due April 15.
Freelancers and gig workers who have not yet made estimated payments this year can still file and pay today to minimize penalties. The IRS provides tools including the Tax Withholding Estimator and Form 1040-ES worksheets to help calculate the correct amount. Payments can be made electronically through IRS Direct Pay, by credit or debit card, or by check.
Sources
- Internal Revenue Service — confirmed Q2 deadline of June 15, self-employment tax requirements, and underpayment penalty rules
- Fidelity — stated federal estimated tax payment deadlines for 2026
- Paychex — explained self-employment tax calculation method (92.35% × 15.3%) and quarterly payment schedule
- H&R Block — described safe harbor rules to avoid underpayment penalty (90% current-year or 100% prior-year)
- Instead platform — noted that missing Q2 deadline triggers underpayment penalty that compounds from due date
- OnPay — confirmed self-employed individuals use Form 1040-ES to calculate estimated tax payments
- Baker Tilly — stated Q2 payment covers income earned April 1 to May 31
