SETC Tax Credit

For those who are self-employed and have confirmed their eligibility for the Self-Employed Tax Credit (SETC), the important next step is to claim the credit. This guide will help you navigate the process to ensure you receive the maximum credit amount and prevent any mistakes in your amended returns.

Collect all necessary documents.

• Tax returns for the years 2019, 2020, and 2021


• Documentation of income earned through self-employment


• Recording any work disruptions related to COVID-19

Ensuring these documents are easily accessible can simplify the process and aid in accurately determining your credit.

Determine click here to calculate your SETC amount by following the instructions provided. This form will walk you through the steps to determine the total amount you are eligible to receive.

• Mean daily earnings from self-employment


• Total number of eligible sick or family leave days

Please be diligent in following the instructions and take a moment to double-check your calculations for accuracy.

Revise Your Tax Returns
After calculating your SETC amount, amending your 2020 and/or 2021 tax returns is necessary to claim the credit. This process includes:

• Completing Form 1040-X


• The completed Form 7202 should be attached.

Remember to make copies of all submitted documents for your records before sending your amended returns to the IRS.

Wait for Processing

Once you have sent in your amended returns, the IRS will review them and send out your SETC refund. Please understand that this procedure may take a few weeks to a few months to complete, so please be patient.

Key Dates to Keep in Mind

• The deadline for claiming the SETC has been pushed back to April 2025


• Make changes to your 2020 return by April 15, 2024



• Make changes to your 2021 return by April 18, 2025

If necessary, please seek additional assistance.
For assistance with the claiming process, consider using an online SETC claim filing service or seeking advice from a tax professional. Utilizing these resources can help you maximize your credit and prevent mistakes on your amended returns.

To successfully claim your Self-Employed Tax Credit and receive the financial relief you deserve, follow these steps and stay mindful of the deadlines. Seek assistance if needed, as this process can be complex and time-consuming.