IRS charges both penalties and interest whenever you don't pay enough throughout the year. The penalty rates are 1/2% per month for late payments and interest rates vary.
It is possible to get the penalty waived, if you fill out form 2210. If you paid 100% of your 2021 tax liability or 90% of your 2022 tax liability you can get this waived. You can also do an annualization of your income so if you earned or received the income later in the year, you may be able to decrease your total penalty.
No, it would be June, not July. If you incur more income in Q2, then you should pay an estimated tax by June 18th to avoid penalties or interest. The due dates for 2023 are April 18th, June 15th, September 15 and January 16.
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