7202 Form for Covid-related work loss/Calculation Errors?

Forum|Forum|5 years ago
February 4, 2021
2 replies
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FYI, for anyone waiting for this form to become available, I calculated here on Turbo Tax Self Employed and it used my 2019 tax AGI, as I had also used this figure for EIC and Child Tax Credit due to lower income and given the option.

According to the downloaded form and trial using H & R Block Software, the calculations of refundable credits are VERY different.

It appears that Turbo Tax is using the given option for 2019 AGI to figure the amount, while H & R Block is using your AGI for 2020 even if you used this figure for the EIC and child credits. I realize these have not been finalized here at Turbo Tax, but according to the H & R Block Form 7202, it is both filable and fileable through them e file.

So, for anyone who maybe understands this form or tax language of the form:

If we are given the option for CREDITS using previous year's 2019 return, does this apply to the 7202 form, or are they going to actually go by minuscule income of 2020, where most of us lost income (which is why we are applying for the credit), and get a grand total of maybe $50?

It doesn't make sense to allow this credit when our average income was so low making us need the credit?

TurboTax Self Employed Online

Best answer by AmyC

Yes, you can use the higher of 2019 or 2020 income, just like the EIC. Form 7202 instructions state:

Election to use prior-year net earnings from self-employment. You may be able to use your prior-year net earnings from self-employment on line 7 to figure your credit for sick leave for certain self-employed individuals. You can make this election if your prior-year net earnings from self-employment were greater than your current year net earnings from self-employment.

7202 Form

Self-Employed Individuals Tax Center

AmyCAnswer

Level 15

Yes, you can use the higher of 2019 or 2020 income, just like the EIC. Form 7202 instructions state:

7202 Form

Self-Employed Individuals Tax Center

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wgfpd154Author

Level 4

I did a lot of leg work today to get to this same conclusion, and probably spent 2 hours trying to get a live person at the HR Block online support to let them know their form 7202 was not auto filling due to software error.

I contacted an actual tax office and confirmed they have had no issues e filing this form using 2019 AGI or SE income. I really wish the IRS or someone could confirm if mailing the 7202 means we need to mail our ENTIRE taxes by mail, or if we just fill out the 7202 and mail it.

MayaD

Alumni - Intuit

Form 7202 to used to figure the amount to claim for qualified sick and family leave equivalent credits under the FFCRA and attach it to your tax return.

If the form is needed, you need to attach it to your return and mail in the entire return.

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timothyfscott

Level 2

This form should include all zeros. For some reason 10 was put in line 3. we are retired. and not workin. why is this form included. It should not be required and is stopping us for e filing.

How can we get rid of form 7202

DawnC

Level 15

Line 3 is the number of days taken into account for determining the qualified sick leave equivalent amount and cannot exceed 10 days over all tax years. If you are retired and did not work or pay a household employee, then you can safely remove this form as it does not pertain to you. There may be one or two Form 7202s in your return. 7202-T and 7202-S can be removed. One is for the taxpayer and the other is for the spouse.

It's OK to delete forms that you know don't apply to your return, or are duplicated or blank. Here are the general procedures for deleting unwanted forms, schedules, and worksheets in TurboTax:

TurboTax Online

Open your return in TurboTax. (To do this, sign in to TurboTax, and select the Take me to my return button.)
In the left sidebar, select Tax Tools> Tools.
In the pop-up window Tool Center, choose to Delete a form.
Select Delete next to the form/schedule/worksheet and follow the onscreen instructions.

Windows Instructions

Switch to Forms mode.

In the left pane, select the form you want to remove. (if you don't see it, click Open Form at the top).
After the form is generated in the right pane, click the Delete Form button at the bottom of the window.
Follow any on-screen instructions to remove the form or forms.

Mac Instructions

Switch to Forms mode.

In the left pane, select the form you want to remove (if you don't see it, click Open Form at the top).
From the Forms menu, select Remove [form name].
Follow any on-screen instructions to remove the form or forms. @timothyfscott

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