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Understanding SETC Limitations and Restrictions
Despite the significant benefits of the SETC Tax Credit, it is crucial to understand its limitations and restrictions.
For instance, claiming the SETC may increase your adjusted gross income, possibly influencing your eligibility for other deductions and tax credits.
The good news is, the SETC Tax Credit is not considered taxable income, ensuring no additional tax liability will arise from the credit itself.
Nonetheless, there are some restrictions you should be aware of.
The full SETC amount cannot be claimed if you received wages for sick or family leave from your employer, or unemployment benefits during 2020 or 2021.
Also, if you missed filing your initial tax return and now wish to claim or amend SETC credits, you can do so by submitting an amended return within the deadlines specified for the 2020 and 2021 tax returns.
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