1099 Self-Employed Credit
WHAT IS IT?
In March 2020, the Families First Coronavirus Response Act (FFCRA) was enacted to provide sick leave and unemployment benefits for COVID-19, primarily targeting W-2 employers to mitigate pandemic-related economic impact.
CREDIT EXPANDED
In December 2020 Congress expanded the Coronavirus Aid, Relief, and Economic Security (CARES) Act, making self- employed individuals and gig workers eligible for tax credits to compensate for COVID-related income losses.
WHO QUALIFIES?
- Identify as a Self-employed individual
- Have filed a Schedule SE of IRS Tax form 1040 in 2020 and/or 2021 with a positive net income and paid self- employment tax on your earnings
- Have been absent from work due to COVID-related reasons
- Following a federal, state or local quarantine or isolation order Advised by a healthcare provider to self-quarantine
- Providing care for a child or other person under a government- mandated or self-imposed quarantine
- Looking after a child when their school or daycare is closed Recovering from illness related to the COVID-19 vaccine*
- Seeking or waiting for the results from a COVID-19 test*
Note: Please be aware that reasons marked with * are only applicable if you are seeking credit for dates falling between April 1-September 30, 2021.