Form 7202

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I saw something about the Self-employed tax credit SETC saying that if you were self employed during the 19 you can get almost $32,000. Is the real? And do I qualify?

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  • RBorch
    RBorch FreeTaxUSA Agent
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    Since we are a self-prepared software and we do not have any of your forms or information we do not know if you qualify for the Sick and Family Leave Credit.

    However, our software will be able to determine the amount of credit you will receive if you qualify based on the entries you enter into the software.

    This credit was for 2020 and 2021 tax returns. If you have filed those returns and qualified for the credit but did not receive it, you may need to amend your tax return.

    Form 7202 Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals

    The IRS states "Eligible self-employed individuals will determine their qualified sick and family leave equivalent tax credits with the new IRS form 7202. They'll claim the tax credits on their 2020 Form 1040 for leave taken between April 1, 2020, and December 31, 2020, and on their 2021 Form 1040 for leave taken between January 1, 2021, and March 31, 2021."

    Here are instructions for form 7202 on the IRS website that may help you to determine if you qualified for the credit.

    https://www.irs.gov/instructions/i7202 https://www.irs.gov/newsroom/new-irs-form-available-for-self-employed-individuals-to-claim-covid-19-sick-and-family-leave-tax-credits-under-ffcra