Form 7202 is broken down into two portions: qualified sick leave and qualified family leave for self-employed individuals.
1. The “qualified sick leave" equivalent amount is the lesser of the following:
- 100% of the average daily self-employment income
- $511
- NEW - Taxpayer can elect to use 2019 self-employment income to calculate average daily self-employment income
- The maximum number of days that this credit can be taken is 10
2. The “qualified family leave" equivalent amount is the lesser of the following:
- 67% of the average daily self-employment income
- $200
- NEW – As with sick leave, Taxpayer can elect to use 2019 self-employment income to calculate average daily self-employment income
- The maximum number of days that this credit can be taken is 50