New Form for Self-Employed Individuals to Claim COVID-19 Sick and Family Leave Credits

The self-employed may now claim sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA). Eligible self-employed individuals can determine their qualified sick and family leave equivalent tax credits to offset their federal income tax with Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals.
These credits will be claimed on the 2020 Form 1040 for leave taken between April 1, 2020 and December 31, 2020, and on the 2021 Form 1040 for leave taken between January 1, 2021 and March 31, 2021. The credits are equal to either their qualified sick leave or family leave equivalent amount, depending on circumstances. Get details here.