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Understanding SETC Limitations and Restrictions
Understanding the limitations and restrictions of the SETC Tax Credit is vital, even with its substantial advantages.
For example, claiming the SETC Tax Credit can increase your adjusted gross income, which could impact your eligibility for other tax credits and deductions.
On the bright side, the SETC is not treated as taxable income, so no extra tax liability will be generated by the credit.
That said, there are some restrictions you should be aware of.
The full SETC amount cannot be claimed if you were paid wages for sick or family leave by an 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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