To claim the new Employee Retention Tax Credit (if eligible), you must calculate your total qualified wages and the related health insurance costs for each quarter and subtract that amount from your deposit on Form 941, Employer’s Quarterly Federal Tax Return.
If you already filed your taxes for 2020 & 2021, you could retroactively claim the credit if you are qualified for the ERTC during 2020 & 2021. To do this, fill out Amended Form 941-X.
If you qualify as a small employer (500 or fewer full-time employees in 2019) you may request advance payment of the credit using Form 7200, Advance of Employer Credits Due to Covid-19. Employers with more than 500 employees are not eligible for advance payments.