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Navigating SETC Limitations and Restrictions
Understanding the limitations and restrictions of the SETC Tax Credit is vital, even with its substantial advantages.
For example, when you claim the SETC Tax Credit, your adjusted gross income may increase, possibly influencing your eligibility for other deductions and tax credits.
However, the SETC Tax Credit is not considered taxable income, ensuring no additional tax liability will arise from the credit itself.
That said, there are some restrictions you should be aware of.
You cannot claim the full SETC amount if you have received wages for sick or family leave from an employer, or unemployment benefits throughout 2020 or 2021.
Additionally, if you missed the initial tax return filing but wish to claim or adjust SETC credits, you can do so by filing an amended return within the prescribed deadlines for the 2020 and 2021 tax returns.
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