Form 7202 is used to claim a Refundable Tax Credit for Sick Leave and Family Leave for Certain Self-Employed Individuals. This credit is available if you are an eligible individual who was unable to work or had to care for family members due to the coronavirus (COVID-19).
Who is an eligible self-employed individual for claiming this credit?
Eligible self-employed individuals are entitled to claim qualified sick and family leave equivalent credits. To be an eligible self-employed person, both the following must be true:
- You regularly carried on a trade or business within the meaning of section 1402
- You would have been:
- Eligible to receive qualified sick leave wages under the Emergency Paid Sick Leave Act if you had been an employee of an employer (other than yourself), and/or
- Eligible to receive qualified family leave wages under the Emergency Family and Medical Leave Expansion Act if you had been an employee of an employer (other than yourself).
How much will I receive for the credit?
The credit amount is equivalent to the amount of paid sick or family leave you would have received if you had been an employee of an employer, other than yourself.
What year can I claim this credit?
The qualified sick and family leave equivalent credits that apply beginning April 1, 2020, were extended to include the period January 1, 2021, through March 31, 2021. The limitations that apply when figuring these credits apply to the period April 1, 2020, through March 31, 2021.