Starting this year, the income requirements for the earned income tax credit for dual-income households have been relaxed, expanding the eligible applications to 200,000 households.
The National Tax Service noted that applications for the 2024 regular earned income and child tax credits will be accepted from May 1 to June 2.
The number of eligible applications this year is 3.4 million households that have earned income, business income, or income from religious activities in 2024. The total payment amount is expected to be 3.758 trillion won, with an average of 1.1 million won per household.
In particular, the income standard for dual-income households has been relaxed from below 38 million won last year to below 44 million won this year, resulting in an increase of 60,000 eligible households from 140,000 last year to 200,000 this year.
Guidance for regular applications will begin to be sent out from today. Those under 60 years old will receive notifications through the national secretary, while those 60 and older will receive notifications via mail.
Even if an application is not made during the regular application period, additional applications can be submitted until December 1; however, in this case, the payment amount will be reduced by 5%.
Households that applied in the second half of last September or this March do not need to apply separately, and any additional payments or refunds will be processed after settlement at the end of June.
The income requirements are below 22 million won for single-person households, below 32 million won for one-income households, and below 44 million won for dual-income households. The child tax credit is for households with total income below 70 million won that have children under 18 years old.
The National Tax Service automatically processed this regular application for approximately 410,000 households among those over 60 who have pre-agreed to automatic application. Results will be communicated through the national secretary, and can also be verified through HomeTax and the tax credit consultation center.
Starting this year, the automatic application system has been fully expanded, allowing consent regardless of age, and if consent is granted, the tax credit will be automatically accepted for two years without a separate application.
The National Tax Service plans to strengthen guidance and support through tax credit consultation centers for about 30,000 households in regions designated as special disaster areas due to large wildfires earlier this year.
A National Tax Service official emphasized, 'Employees do not request money or account passwords,' urging people to be especially cautious of financial and text message scams disguised as tax credit applications.