Note: This form is for people with self-employment income but are unable to work due to COVID-19.
Complete the forms that have net earnings received from self employment before starting Form 7202:
- Schedule C
- Schedule F
- Schedule K-1 (Form 1065), Box 14A
To complete Form 7202 in Taxx Savage Pro:
- Go to the Main Menu of the tax return
- From the ,menu, select Payments, Estimates & EIC
- Proceed to Self-Employed Sick/Family Leave Credit
- If it is an MFJ return, indicate whether the form is for the Taxpayer or the Spouse.
Complete the menu as required:
Part I - Credit for Sick Leave for Certain Self-Employed Individuals
- Days you required corona virus related care - Enter the number of days that the taxpayer could not perform their self-employed work because of corona virus related reasons within the period between April 1 to December 31, 2020. For instance, if they were quarantined, or were seeking medical care after exhibiting coronavirus symptoms.
- Days you provided coronavirus-related care to another - Enter the number of days that the taxpayer did not do any of their self-employed work because of personal coronavirus related reasons within the period between April 1 to December 31, 2020. For instance, taking care of someone in quarantine.
- Employer paid sick leave subject to $511 - In case any amount was paid, they will be notated “sick leave wages subject to the $511 per day limit” on Box 14 of Form W-2, or in a different statement from the employer.
- Employer paid sick leave subject to $200 - In case any amount was paid, they will be notated “sick leave wages subject to the $200 per day limit” on Box 14 of Form W-2, or in a different statement from the employer.
Part II - Credit for Family Leave for Certain Self-Employed Individuals
- Days you provided Coronavirus-related care to son/daughter under age 18 - Enter the number of days in which the taxpayer was not able to do their self-employment work because of their children’s school being shut down or child care giver being unavailable because of coronavirus within the period between April 1 to December 31, 2020.
- Employer paid family leave wages - In case there are payments made, they will be notated “emergency family leave wages” on Box 14 of Form W-2 or in a different statement from that of the employer.
- Net Earnings from Self-Employment - The net earnings gotten from self-employment in the tax return are automatically pulled into the Form. For the tax year 2020, according to Section 287 of the Consolidated Appropriations Act, 2021, the taxpayer can choose to use the previous year net earnings from self employment if it exceeds the present year’s amount. To make this choice, select this line then enter the difference between the current year’s amount and the previous year’s amount as an adjustment.
Note: This is not tax advice. It is a guide on how to complete Form 7202 in the Taxx Savage Pro.
Additional Information: