If You Missed Applying for the Earned Income Tax Credit in May, You Can Apply Until December 2

The National Tax Service announced on the 30th that it has sent guidance letters to households that missed the regular application period for the Earned Income Tax Credit and Child Tax Credit in May, urging them to apply by the final deadline of December 2.

The late application period lasts for six months starting the day after the regular application period ends. After the late application period, no further applications for the credits can be accepted.

Applications for the credits will be reviewed, and payments are scheduled to be made by the end of January next year. The average payment per household for those who applied in May was 1.06 million KRW.

Eligibility for the Earned Income Tax Credit requires that the combined spousal income in 2023 be less than 22 million KRW for single-person households, less than 32 million KRW for single-earner households, and less than 38 million KRW for dual-earner households. The total assets of all household members must be less than 240 million KRW. Eligibility for the Child Tax Credit applies to single-earner and dual-earner households with children under 18 years old, with combined spousal income under 70 million KRW, and the same asset criteria as the Earned Income Tax Credit.

If you have received the guidance letter, you can apply using the instructions provided or by calling the automated response system. If direct application is difficult, you may request application assistance by calling the Credit Counseling Center or the tax office.

Even if you did not receive a guidance letter, you can apply if you meet the eligibility criteria by accessing Hometax. Additionally, to alleviate the inconvenience for seniors aged 65 and older or persons with severe disabilities who apply annually and to prevent missed applications, the 'automatic application system' was introduced last year, and this year the eligible age was expanded to 60 and older.

A National Tax Service official stated, "NTS and tax office staff do not ask for money or account passwords, so please be cautious of financial or text message scams impersonating credit applications," adding, "If fraudulent receipt is confirmed, the credits will be reclaimed, and you will be ineligible to receive credits for the next 2 to 5 years."