lineup for IRS form 7202 deadline for taxes

IRS Form 7202 Deadline: What Self-Employed Taxpayers Need

The Families First Coronavirus Response Act (FFCRA) provided much-needed financial relief to self-employed individuals affected by COVID-19, including refundable tax credits for sick and family leave. Eligible taxpayers must file IRS Form 7202 by the deadline to claim these credits. Here’s what you need to know about Form 7202 and when to submit it.

What is IRS Form 7202?

Form 7202, titled “Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals,” allows self-employed taxpayers to calculate and claim refundable tax credits for COVID-19-related sick and family leave. These credits are equivalent to those provided to employees under the FFCRA.

Eligibility for Form 7202 Credits

To be eligible for the sick and family leave credits on Form 7202, you must be self-employed and have:

The sick leave credit applies to leave taken between April 1, 2020, and December 31, 2020, while the family leave credit applies to between April 1, 2020, and March 31, 2021.

When is the Form 7202 Filing Deadline?

For 2020 Tax Returns

If you’re claiming the sick and family leave credits for the 2020 tax year, you must file Form 7202 with your 2020 federal income tax return by the following deadlines:

This applies to filing Form 1040, 1040-SR, or 1040-NR as a self-employed taxpayer.

For 2021 Tax Returns

If you’re claiming the family leave credit for leave taken in 2021 (through March 31, 2021), you must file Form 7202 with your 2021 federal income tax return by these deadlines:

Note that the sick leave credit only applies to days occurring during the 2020 tax year, so it cannot be claimed on 2021 returns.

FFCRA SETC Tax Credit

How to File Form 7202

To claim the credits, follow these steps:

  1. Determine your eligibility for the sick and family leave credits
  2. Calculate your average daily self-employment income
  3. Complete Parts I, II, and/or III of Form 7202 as applicable
  4. Transfer the credits to your Form 1040 (line 12b for 2020; line 13b for 2021)
  5. Attach Form 7202 to your tax return
  6. File your return by mail or e-file by the appropriate deadline

Calculating the Credits

The sick leave credit is equal to your average daily self-employment income multiplied by the number of days (up to 10) you could not work for a covered reason. The family leave credit is based on 50 days of leave, but the calculation varies depending on the dates the leave was taken.

Refer to the instructions for Form 7202 for detailed calculation steps and examples.

Don’t Miss the Deadline!

irs form 7202 deadline confusion

To get the tax relief you’re entitled to, file Form 7202 with your tax return by the appropriate deadline. If you need more time to file, you can request an extension, but you must still pay any tax owed by the original due date to avoid penalties and interest.

What If I Already Filed My Return?

If you filed your 2020 or 2021 tax return and didn’t claim the credits, you can file an amended return using Form 1040-X. Attach Form 7202 to your amended return and mail it to the address indicated in the 1040-X instructions.

Recordkeeping

Keep records that support your eligibility for the credits, such as:

You should keep these records for at least three years from the date you filed your original return claiming the credits.

Get the Tax Relief You Deserve

The Form 7202 credits provide valuable financial assistance to self-employed individuals impacted by COVID-19. By understanding the eligibility rules, calculating your credits correctly, and filing Form 7202 by the deadline, you can ensure that you receive the tax relief you’re entitled to. Don’t let these credits go unclaimed – take action today to get the support you need during these challenging times.

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FAQ’s for IRS Form 7202 Deadline

Who is eligible to claim the credits on Form 7202?

Self-employed individuals who were unable to work due to COVID-19-related reasons, such as being subject to quarantine, experiencing symptoms, or caring for someone affected by the pandemic, are eligible to claim the credits on Form 7202.

What is the deadline for filing Form 7202 with my 2020 tax return?

If you’re claiming the sick and family leave credits for the 2020 tax year, you must file Form 7202 with your 2020 federal income tax return by April 15, 2021, or by October 15, 2021, if filing on extension.

Can I claim the sick leave credit for days missed in 2021?

No, the sick leave credit only applies to days during the 2020 tax year. However, you can claim the family leave credit for leave taken between April 1, 2020, and March 31, 2021, on your 2021 tax return.

What should I do if I already filed my tax return without claiming the credits?

If you already filed your 2020 or 2021 tax return and didn’t claim the credits, you can file an amended return using Form 1040-X. Attach Form 7202 to your amended return and mail it to the address indicated in the 1040-X instructions.

How long should I keep records supporting my eligibility for the credits?

You should keep records that support your eligibility for the credits, such as quarantine orders, doctor’s notes, or school closure notices, for at least 3 years from the date you filed your original return claiming the credits.

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