The 7200 Worksheet - COVID-19 report, one of a number of custom reports in the myPay Solutions Direct program, can help you complete Part 2 of the 7200 form for Advance Payment of Employer Credits Due to COVID-19.  You can find instructions on this form on the About Form 7200, Advance Payment of Employer Credits Due to COVID-1 page on the IRS website.

How each line on the worksheet is calculated for the selected quarter

• Line 1. Tax liability adjustments for the employee retention credit, which are generated with the description FIT Employee Retention Tax Adj
• Line 2. Pay amounts for pay item special type COVID-19 Other Care and COVID-19 Self Care plus the ERFICA-Med amount calculated on those sick leave pay amounts
• Line 3. Pay amounts for pay item special type COVID-19 Extended Child Care plus the ERFICA-Med amount calculated on those sick leave pay amounts
• Line 4. This amount is calculated on the form
• Line 5. Tax liability adjustments for the employee retention credit and Coronavirus related sick leave, which are generated with the descriptions of FIT COVID-19 Tax Adj and FIT Employee Retention Tax Adj
• Line 6. Amounts recorded in the Form 7200 Advance Payment Information grid within the COVID-19 Acts tab of the Setup >Clients screen for any advances that were applied for earlier in the quarter
• Line 7. This amount is calculated on the form
• Line 8. This amount is calculated on the form

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