DawnC
Expert Alumni

Deductions & credits

Self-employed individuals use this form (Form 7202) to figure the amount to claim for qualified sick and family leave equivalent credits under the Families First Coronavirus Response Act.    If you are eligible for those credits and want to take them, you need Form 7202 included with your return.   If you don't qualify or don't want to take the credits, you can remove the form.    TurboTax will calculate these amounts for you if you go through those sections, see below.  

 

The Families First Coronavirus Response First Act, which was passed March 18, provides relief in the form of refundable tax credits for sick leave and family leave for both eligible self-employed and small business owners.

  • Self-Employed Tax Credit for Sick Leave. If you are self-employed, you may be eligible for a refundable tax credit equivalent to a qualified sick leave amount. Qualified sick leave is based on your average daily self-employment income.
  • Self-Employed Tax Credit for Family Leave. If you are self-employed you may be eligible for a refundable tax credit equal to 100 percent of a qualified family leave equivalent amount for eligible self-employed individuals. 
  • Small Business Tax Credit for Paid Sick Leave. If you are a small business owner and paid sick leave wages to your employees you may be eligible for a refundable tax credit equal to 100 percent of qualified sick leave paid.
  • Small Business Tax Credit for Paid Family Leave. If you are a small business owner and paid qualified family leave wages to employees, you may be eligible for a refundable tax credit equal to 100 percent of qualified family leave wages paid.

 @Liladimarco - There is a section under Deductions and Credits in TurboTax where you can enter the information to claim the credits.  

 

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