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Large language models (LLMs) have revolutionized computational social science, particularly in automated textual analysis. In this paper, we conduct a systematic evaluation of the promises and risks of using LLMs for diverse coding tasks in social movement studies. We propose a framework for social scientists to adopt LLMs in text annotation, either as the primary coding decision-maker or as a coding assistant. Additionally, we discuss the associated epistemic risks related to validity, reliability, replicability, and transparency. We conclude by offering several practical guidelines for using LLMs in coding tasks.