"Average 1.1 Million Won" Offered... Don't Forget to Apply by June 2

'2024 Regular Earned Income and Child Tax Credits'
Total of 3.4 Million Households Eligible... Average Payment of 1.1 Million Won
Dual-Income Household Income Requirement Eased Starting This Year

The National Tax Service announced on May 1 that applications for the "2024 Regular Earned Income and Child Tax Credits" will be accepted until June 2.

The eligible applicants are 3.4 million households with earned, business, or religious income in 2024. The expected total payout is 3.7508 trillion won, with an average of 1.1 million won per household.

From this year, the income requirement for earned income tax credit for dual-income households (where both the applicant and spouse each have a total salary of 3 million won or more) has been relaxed from 38 million won to less than 44 million won (twice the 22 million won for single-person households).

Regular application notices will be sent out starting today, and the applied tax credits will be paid at the end of August after a review of eligibility criteria such as income and assets. If you miss the regular application deadline, you may still apply until December 1; however, the payment amount will be reduced by 5%.

Households that had only earned income (including that of a spouse) in 2024 and already applied in the semiannual rounds in September 2024 or March 2025 do not need to apply this time. The National Tax Service will conduct a settlement at the end of June to provide additional payments or collect overpayments as needed.

From this year, the income requirement for dual-income households applying for the earned income tax credit (where both the applicant and spouse each have a total salary of 3 million won or more) has been relaxed from 38 million won to less than 44 million won (twice the 22 million won for single-person households). As a result, the National Tax Service expects the number of eligible dual-income households to increase by 60,000 and the expected payout amount to increase by 73.6 billion won compared to last year.

The income requirements for the earned income tax credit remain as before: in 2024, the combined income of a couple must be less than 22 million won for single-person households and less than 32 million won for single-earner households. For the child tax credit, the household must have an income of less than 70 million won and at least one child under the age of 18. The asset requirement for both credits is that the total assets of all household members must be less than 240 million won as of June 1 of last year.

If you have received an application notice for the tax credit, you can click "Apply" in the mobile notice or scan the QR code in the paper notice to be taken directly to the application screen on Hometax. You can also call the "Tax Credit Consultation Center" to request assistance with the application. Even if you have not received an application notice, if you believe you meet the income and asset requirements, you can access Hometax and apply directly.

Among the 700,000 eligible households with applicants aged 60 or older, the National Tax Service automatically applied for the regular tax credit for 410,000 households (58.6%) who had previously agreed to automatic application by last year. The results of the automatic application will be notified via the National Secretary service and can also be checked on Hometax or through the Tax Credit Consultation Center.

Meanwhile, for approximately 30,000 households eligible for the tax credit in areas designated as special disaster zones due to the massive wildfire that occurred in March, the National Tax Service will provide support to enable applications through counselors at the Tax Credit Consultation Center and other means.