This is a form for the self-employed persons who have been affected by Covid-19 and can therefore not work.
To know how the credit is calculated, click here.
You are required to first complete the forms for net earnings gotten from self-employment before completing Form 7202. These include:
- Schedule C
- Schedule F
- Schedule K-1 (Form 1065), Box 14A
To complete Form 7202 in the Taxx Savage ProWeb:
- Go to the Federal Section of a tax return
- Proceed to Deductions
- Then to the Credits Menu
- From the menu select Credits for Sick Leave and Family Leave for Certain Self-employed Individuals
- For MFJ returns, indicate the spouse it belongs to.
- If there are any self employment earnings from Schedule E, they will show ($0.00 in the example below). Should you desire to make an adjustment, do so in the adjustment field.
- Answer Yes to the question “Were you unable to work due to Covid-19?”
- Select every applicable check box under “Tell us about any care you received or provided” and provide the information needed:
- To save the form, click Continue after you are done filing the needed information.
Note: This is not tax advice. It is a guide on how to complete Form 7202 in Taxx Savage ProWeb?
Additional Information: