June 17 tax deadline: Do you need to make a payment to the IRS?

The IRS is warning of a fast-approaching filing deadline that applies to taxpayers in a number of different situations.

(NEXSTAR) – The IRS is warning of a fast-approaching filing deadline that applies to taxpayers in a number of different situations.

For people who don't have an employer withholding part of their paychecks for taxes, June 17 marks the deadline to make a payment to the IRS.

Taxpayers who fall into that category can include the self-employed, retirees, investors, businesses and corporations, among others. Monday is also the tax filing deadline for residents of San Diego who had their deadline delayed this year after a devastating Jan. 22 storm.

"Taxes are pay-as-you-go, to be paid as income is earned, during the year, the IRS said in a news release, warning that failing to make estimated tax payments can lead to underpayment penalties.

People with a part-time job or side hustle, for instance, will need to make estimated payments at the IRS deadlines throughout the year.

Waiting until tax day in 2025 to settle up could result in an underpayment penalty. Taxpayers who expect to owe $1,000 or more should pay an estimated 90% of the 2024 tax, or 100% of 2023's tax, whichever is smaller, during the year.

The penalty amount is based on how much is owed, how long it has been owed for and the interest rate for underpayments. For 2024, the interest rate for underpayment is 8%.

Some circumstances, such as an illness, family death or other circumstance can lead to a lowered – or waived penalty.

How to make a payment

The IRS recommends making an electronic payment, which it calls "the most secure, fastest and easiest way."

Taxpayers can use their Online Account or IRS Direct Pay to make a payment using their checking or savings account. A credit/debit card or digital wallet can also be used, but some third-party payment processors may charge a fee for the transaction.

Payments can be made at IRS.gov/payments and through the IRS2Go app.

After Monday's deadline, the third quarter payment will be due Sept. 16, followed by the final payment on Jan. 15, 2025.