TALLAHASSEE, Fla. (WTXL) — Some Americans may be eligible for a huge tax break if they were unable to work because of their own health or because they had to care for a sick family member.
The Internal Revenue Service implemented the Families First Coronavirus Response Act this tax season.
It applies to self-employed people who had to take leave between April 1, 2020, and December 31, 2020.
Eligible self-employed individuals will determine their qualified sick and family leave equivalent tax credits with the new IRS Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals.
According to the IRS, the credit "allows eligible self-employed individuals who, due to COVID-19 are unable to work or telework for reasons relating to their own health or to care for a family member, to claim refundable tax credits to offset their federal income tax."
There are two separate amounts you could receive: sick leave, up to $2,000, and family leave, up to $10,000.
IRS.gov has instructions to help calculate the qualified sick leave equivalent amount and qualified family leave equivalent amount.
The IRS says certain restrictions apply.
For more information or to see if you qualify, click here.
