covid credits self employed

[futurestrader39]

I got covid and had to miss 10 days of work I am trying to follow the steps in the article but cannon figure out how to claim the credits I figured out my average daily income but that is where I am stuck.

https://turbotax.intuit.com/tax-tips/self-employment-taxes/stimulus-self-employed-tax-credits-and-so...

Any help would be awesome!

[CatinaT1]

This article should help you determine which credits apply: Relief for the Self Employed Taxpayer 

Form 7202 is where this will be reported:  Form 7202

[futurestrader39]

I read that but it still does not say where to exactly file, I know my credit amount just cant figure out where to put the information.

[JamesG1 · Accepted solution]

I think you are referring to the credits under Tax credits for paid sick and family leave.

In TurboTax Online Self-Employed, follow these steps:

• Down the left side of the screen, click on Federal.
• At the top of the screen, click on Deductions & Credits.
• At the screen Your tax breaks, scroll down to Tax relief related to COVID-19.  Click Show more.
• Click Start / Revisit to the right of Self-employed sick leave credit or Self-employed family leave credit.
• TurboTax will ask you questions and determine whether you qualify for the credit.

[futurestrader39]

Thank you, that was exactly what I was looking for!

[WEK]

Another question I have is about the related Deduction that is allowed.  Deductions - Self Employment Tax Deferral Taxes. - Because I received a 1099-NEC the income is considered self employment by the IRS.  So can these taxes be deferred that were not paid in, provided this income is reported on Schedule C? 

The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) gives self-employed taxpayers the option to delay paying a portion of their Social Security taxes when they meet certain requirements.

The option to defer only applies to Social Security taxes for self-employment income you earned from March 27, 2020 through December 31, 2020. This income is typically reported on Schedule C (profit or loss from business) or Schedule H (for household employees) of your tax return. It appears the Medicare Tax was not included in this waiver.  If you think you may be eligible for the self-employment tax deferral, TT will walk you through the requirements as well as calculating how much tax you owe and how much you can defer.