clearTimeout() inside setTimeout() method not working in JavaScript

var c = 0;
var t;

function timedCount() {
    document.getElementById('txt').value = c;
    c = c + 1;
    if (c == 5) {
        clearTimeout(t);
    }
    t = setTimeout(function () {
        timedCount()
    }, 1000);
}

jsFiddle

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