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?
In order to be an eligible self-employed person the following must apply:
You are conducting a trade or business as a self-employed individual and;
- You would be eligible to receive paid sick leave under the Emergency Paid Sick Leave Act if you were an employee of an employer, other than yourself
- You would be eligible to receive paid family leave under the Emergency Family and Medical Leave Expansion Act if you were an employee of an employer, other than yourself.
How much will I receive?
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?
This credit is available for tax year 2020 only.