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Intuit
‎02-02-2021 02:00 PM

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As part of the American Rescue Plan Act of 2021, paid sick and family leave credits were extended to September 30, 2021. Additionally, the amount of wages for which an employer may claim the paid family credit in a year was increased to $12,000 per employee and self-employed individuals can claim the paid family leave credit for 60 days.

Before you start:

  • Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals is a new form for tax year 2020.
  • IRS instructions can be found here.
  • The IRS has released a Frequently Asked Questions page.
  • The IRS doesn't support Form 7202 as an e-fileable form, but starting in mid-March they'll begin accepting the 7202 as an IRS approved statement. We anticipate an update to ProSeries on or around March 11, 2021 that will enable this. Until the update is available, the completed Form 7202 will still need to be added as a PDF attachment for e-file.

Accessing Form 7202:

  1. Open the return.
  2. Press F6 to open the list of all forms.
  3. Type 7202 to highlight Form 7202.
    • Select Form 7202-T for taxpayer's copy (or)
    • Select Form 7202-S for spouse copy.
  4. Click OK to open the form.

Generating the 7202 for Credit for Sick Leave for Certain Self-Employed Individuals

  1. If you are electing to use the Prior Year Net Earnings from Self Employment complete the Smart Worksheet at the top of Form 7202.
  2. Enter any applicable days in lines 1 and 2 for the Credit for Sick Leave for Certain Self-Employed Individuals.
  3. ProSeries will automatically enter the self employment earnings on line 7. Review the amount that is auto filled and make any changes as needed.
  4. Manually enter line 15 and 16 if applicable.
  5. Review the credit amount on line 24.

Generating Form 7202 for Credit for Family Leave for Certain Self-Employed Individuals

  1. If you are electing to use the Prior Year Net Earnings from Self Employment complete the Smart Worksheet at the top of Form 7202.
  2. Enter any applicable days in line 25 for the Credit for Family Leave for Certain Self-Employed Individuals.
  3. ProSeries will automatically enter the self employment earnings on line 26. Review the amount that is auto-filled and make any changes as needed.
  4. Manually enter line 31, if applicable.
  5. Review the credit amount on line 35 for accuracy.

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