For Tax Year 2020 only. This credit has expired as of 2022.
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
- Taxpayer can elect to use 2020 self-employment income to calculate average daily self-employment income
- The maximum number of days that this credit can be taken is 10 (minus any days already claimed in 2020) during the first benefit period and 10 during the second benefit period.
2. The “qualified family leave" equivalent amount is the lesser of the following:
- 67% of the average daily self-employment income
- $200
- As with sick leave, Taxpayer can elect to use 2020 self-employment income to calculate average daily self-employment income
- The maximum number of days that this credit can be taken is 50 (minus any days already claimed in 2020) during the first benefit and 60 during the second benefit period.