8915-e

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I just found out that self employed individuals can file for covid credit. Do I have to amend my taxes to get the credit? Or can I just electronically send the form?

Answers

  • JMSSGV
    JMSSGV Member Level 5
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    Form 8915-E relates to a hardship distribution from a retirement plan that you took in 2020. Does this apply to you? I'm no sure what you mean by "covid credit."

  • KristineS
    KristineS FreeTaxUSA Agent
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    Hi terrencec123,

    I think you are referring to the credit that became availalbe for eligible self-employed individuals to claim the sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA) on Form 7202.

    Eligible self-employed individuals must:

    The FFCRA, passed in March 2020, allows eligible self-employed individuals who, due to COVID-19 are unable to work or telework for reasons relating to their own health or to care for a family member to claim refundable tax credits to offset their federal income tax.

    In general, you have 3 years from the due date of a tax return to file an amended return to claim a credit. If you are eligible for the credit you would need to amend your tax return(s) and mail in the forms.

  • Henry
    Henry FreeTaxUSA Agent
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    Hi terrencec123! I hope I can help to clarify things. Form 8915-E was used by taxpayers on 2020 tax returns if they were impacted by the coronavirus and made withdrawals from their retirement plan in 2020 that qualify for favorable tax treatment. Is that what you are trying to report?

    Since you mentioned a tax credit for self-employed individuals, I wonder if you may be referring to Form 7202 instead. Form 7202 is used to claim sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA). The FFCRA allows eligible self-employed individuals who, due to COVID-19 were unable to work or telework for reasons relating to their own health or to care for a family member, to claim refundable tax credits to offset their federal income tax.

    Form 7202 can be used to claim the tax credits on your 2020 tax return for leave taken between April 1, 2020, and December 31, 2020, and on your 2021 tax return for leave taken between January 1, 2021, and March 31, 2021.

    If you missed including Form 7202 with either your 2020 or 2021 tax returns when those were originally filed, then you will need to amend those returns to add that form. You can access our prior year software by going to www.FreeTaxUSA.com and selecting Prior Year. You will be able to choose the year you want to access. Once you are signed in to the appropriate year, you can start an amendment. Then you can enter information for Form 7202 by selecting Deductions/Credits > Other Deductions/Credits > Sick and Family Leave Credits from the menu bar.

    Please note that 2020 and 2021 prior year returns cannot be e-filed at this point, so you will need to print and mail the amended return(s) instead. We will provide mailing instructions for you at the end of the Filing menu in your 2020 and/or 2021 account.