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How to use IRS Form 7200

Learn about the IRS Form 7200 and how Intuit will support it.

If you got tax credits under the FFCRA or CARES ACT that are still outstanding, you can request repayment from the IRS instead of applying the credits to future tax liabilities.

What is Form 7200?

IRS Form 7200 Advance Payment of Employer Credits Due to COVID-19, is a new IRS form that allows an employer to request an advance payment of the tax credits under the FFCRA and CARES Act.

Intuit will not file this form on your behalf. If you choose to file, you must complete and file this form yourself.  Depending on your payroll service you may need to let QuickBooks know you filed the form.

If you choose not to request the advance payment, you will see the credit when your 941 is filed.  The credit will roll over to the next quarter and be applied to future payments.

Update May 2021: The IRS has advised that the current form available (revised January 2021) doesn't contain all of the necessary fields for credits accumulated between April 1, 2021 and September 30, 2021. The IRS will reject any Form 7200 (revised January 2021) filed after April 1, 2021 for these credits. Employers will need to file a new, revised Form 7200 for these dates once its available. We're waiting for more info from the IRS, so check back here soon for updates about the updated form.

You may file Form 7200 for qualified sick leave wages and qualified family leave wages paid between April 1, 2020 to September 30, 2021. You can file form 7200 if you cannot reduce all of your 941 tax deposits to fully account for the credits.  If you have already taken the credit against your 941 liabilities, you cannot claim those amounts on the 7200.

Last day to file Form 7200:
The last day to file Form 7200 to request an advance payment for qualified sick and family leave wages or the employee retention credit for the third quarter of 2021 is November 1, 2021. The last day to file Form 7200 to request an advance payment for the employee retention credit for the fourth quarter of 2021 is January 31, 2022. The last date to file Form 7200 is the same whether you file quarterly Form 941, annual Form 943, or 944. You may not file Form 7200 for the quarter after you file Form 941 for the quarter.

Follow the instructions below to complete the form.

Part II of the form is specific to the credits you are requesting an advance repayment for.

Step 1: Determine your outstanding tax credits.

  1.  Select Reports at the top of the page
  2. Select Employees and Payroll, then More Payroll Reports in Excel
  3. Select Payroll Summary by Tax Tracking Type.
  4. Select Enable Content.
  5. Select the date range you are requesting the advance payment for, select Get QuickBooks Data
  6. Select Payroll Summary by Tax Tracking Type 
  7. Use the Tax Tracking Type dropdown to select only National Paid Leave and CARES Tax Tracking Types. (Unmark Select All to remove all selections.)
  8. Add the totals in the Amount columns (including the negative amounts as positives).
  9. Determine your total credit.
    • Enhanced Payroll Customers: You will need to go to the liability check you adjusted to zero with the National Paid Leave Credit and reduce the amount of your Tax Tracking Types Report by the amounts you have adjusted on your 941 liability checks.  These credits need to be included in line 5 on the 7200 to correctly calculate the advance payment request.
    • Assisted Payroll Customers: You will need to subtract the amount of your Tax Tracking Types Report by the amount of the liability adjustments pushed back to your account when you ran payroll.  These amounts/credits need to be included in line 5 on the 7200 to correctly calculate the advance payment request.

Use the reports below to get the amounts and totals in which you will need to plug into corresponding lines on form 7200.

Run a Payroll Tax and Wage Summary report to get a breakdown of all taxable wages assigned to each type of leave wages.

  1. Go to the Reports tab, then search for Payroll Tax and Wage Summary
  2. Select a Date Range from the dropdown menu.
  3. Select Work Location from the dropdown menu.
  4. Select Run Report.

Run a Payroll Details report to get the totals of each leave type and the Medicare credit amount.

  1. Go to the  Reports tab, then search for Payroll Details.
  2. Select a Date Range from the dropdown menu.
  3. Select Work Location from the dropdown menu.
  4. Select Run Report.

Use the reports below to get the amounts and totals in which you will need to plug into corresponding lines on form 7200.

Run a Payroll Tax and Wage Summary report - this will give a breakdown of all taxable wages assigned to each type of leave wages.

  1. Go to the Reports tab, then search for .
  2. Select Tax and Wage Summary.
  3. Select a date range then select Update or Run Report.

Run a Payroll Details report - this report will provide totals of each leave type + the medicare credit amount.

  1. Go to the Reports tab.
  2. Select Payroll Details.
  3. Select a Date Range, then select Update or Run Report.

Step 2: Create and complete the form

Follow steps below for your product.

You can get a copy of the form your QuickBooks Desktop company file.

Important: the current form, available in QuickBooks Desktop is only for credits before March 31, 2021. We're waiting for more info from the IRS about the newly revised form, so check back here soon for more info.

  1. Select Employees, then Payroll Center
  2. Click on the File forms Tab
  3. Select Quarterly Form 7200. 
  4. Fill in all necessary fields, using the report and totals you calculated in Step 1 above to complete the form.
  5. Print and fax to the IRS.

Step 3: File the form and contact us

Once you have filed the form, you may need to contact us.

If you complete and file form 7200, you will need to contact us and advise us of the amounts and dates you requested the advance payments so your tax payments can be adjusted by the payroll system.

Once you file, you do not need to contact us.

Step 4: Adjust your 941

The 941 form will need to reflect the form 7200.

If you have already contacted QuickBooks to let us know you filed form 7200, your 941 will automatically be corrected.

Enter any amount claimed via the 7200 in line 13f of the 941 and complete your form and filing. For additional information about the 941 see these Instructions for Form 941

If you filed the form 7200 for any advance credits you have taken, you need to file your 941 outside our payroll system. You can use the Federal Form generated by Intuit for reference for other Form 941 lines.  You will need to archive the 941 in your system and not file it electronically.

(*This will also apply if you have QuickBooks Online Payroll Core with your e-services turned off.)

Where can I find more information?

The IRS has these resources:

Did you file 7200 and get letters from the IRS? Use these links for additional information: 6312 and 6313.

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