Who Can Use Form 7202?
Form 7202 is specifically designed for self-employed individuals seeking to claim tax credits related to qualified sick and family leave. But, you need to meet specific criteria to be eligible.
To qualify, you must be:
Operating a trade or business as defined by section 1402.
Eligible for paid sick leave under the Emergency Paid Sick Leave Act, as if you were an employee.
Eligible for paid family leave under the Emergency Family and Medical Leave Expansion Act, as if you were an employee.
Basically, think of it this way: If you were a regular employee, would you have been entitled to these COVID-related leave benefits? If the answer is yes, you might be able to claim these credits as a self-employed individual.
Finding Form 7202 in Taxslayer
Okay, so you think you qualify, and you've got your documentation ready. Now what? Here’s how to find the form within Taxslayer:
Click the + (plus) icon to add a new form.
In the search bar, type in 7202 and then click the + (plus) sign next to it when it appears in the search results.
Voila! The form will open and be ready for you to complete.