This year’s 2023 year-end tax return must be submitted to the company by February 28, 2024.
However, in reality, the tax amount is determined based on December 31st.
Take a preview of the 2024 Hometax year-end tax settlement.
There is a limit to what I can fill
Now is the time to make strategic consumption to replenish your savings by the end of the year.
Up to the revised year-end tax settlement in 2023
Please let me know~~
I hope you take care of your year-end tax settlement, which is your 13th paycheck.
Key schedules for year-end tax settlement for 2023
12.1~23.1.19, 2023: Confirmation (consent) process for application for provision of simplified data in bulk at Hometax.
2024.1.20~24.3.11: Check proof of income, tax amount, and deductions on the Home Tax Simplification Service screen
2024.1.20~24.2.28: Receipts not provided by Simplification Service are collected directly by workers.
(Donations, medical expenses, and credit card deductions must be submitted along with the statement and application form)
2024.2.1.~24,2,28: Submit income and tax deduction report and proof of manual deduction to the company.
However, please note that the above schedule is the National Tax Service’s blanket schedule and that the year-end tax settlement schedule may vary depending on the company’s circumstances.
Hometax year-end tax settlement preview
first of all. Go to the National Tax Service Hometax link below!!!!
When you enter, find incentives, year-end tax settlement, and electronic donation in the top menu, go to convenient year-end tax settlement, and then preview the year-end tax settlement for workers.
These days, almost all data is linked to the National Tax Service, so there are almost no additional documents required.
All you have to do is preview the year-end tax settlement and check if the required documents are in order.
Preview of year-end tax settlement Preview of year-end tax settlement
Incentives, year-end tax settlement, electronic donations > Convenient year-end tax settlement > Preview of year-end tax settlement (for workers)
Go to National Tax Service Hometax >>
How to view/print simplified year-end tax settlement data
1. Go to National Tax Service Home Tax > Joint/Public Certificate Login > [Simplified Year-End Tax Settlement]
You can check it by going to [Simplification of year-end tax settlement] > [View of simplification of year-end settlement data] in the [Inquiry/Issuance] menu.
Click here to simplify the National Tax Service’s hometax year-end tax settlement >>
2. Select the attribution year/month > click each income and tax deduction item.
You can view the amount of each item by clicking on the magnifying glass icon.
* In the case of new employees and employees who have a different workplace during the year attributable to year-end tax settlement, please check all months (including months worked at the previous workplace) in which work was provided as a wage earner.
(Example: For workers who worked at a previous job between June and July/current job between October and December, select only the months 6, 7, 10, 11, and 12 and download)
* If you have a history of small business/small business deductions or donations, deductions are possible regardless of working period.
After selecting the entire period from January to December, select only the relevant information and submit additional downloaded files.
3. Click [Download all at once] > [Download] to automatically download as a PDF file.
Other precautions
-Donation receipts may not be automatically retrieved, so you can obtain a receipt from the institution and submit it.
-For workers who joined or left the company during the year-end tax settlement period, only the amount used and paid during the period of employment can be deducted. Please check the table below in detail.
– Inquiring about dependents’ data requires prior consent from the dependents themselves.
Items that can only be deducted are expenses incurred during the working period
National Tax Service year-end tax settlement service at a glance
Types of excessive deductions for year-end tax settlement
(You will be charged again later.)
Contents of the revised year-end tax settlement income tax law in 2023 (refer to the original text of the National Tax Service)
1. Expansion of tax benefits for pension accounts
In order to strengthen retirement income security by securing an individual’s retirement pension, the contribution limit is 7 to 9 million won depending on income.
In all cases, the payment limit has been increased to 9 million won.
For further details, please refer to the table below.
2. Adjustment of age eligible for child tax credit
The age has been increased due to the expansion of the child allowance payment age and other overlapping support.
The age of children eligible for tax deduction has been increased from 7 years or older to 8 years or older.
This is to eliminate duplicate support as child allowance is paid until the age of 7.
3. Expansion of tax credits for education expenses
To ease the burden of education costs, college entrance examination fees and college entrance exam fees are included as tax deductions.
A 15% deduction for education expenses is possible.
Parents who took the CSAT this year should not miss this part and be sure to apply for a tax credit.
4. Expansion of monthly rent tax deduction
The tax credit for monthly renters has increased due to the easing of the housing burden on low-income people.
The deduction rate for monthly rent, which was previously 10-12%, has been increased to 15-17.
Learn about the documents to submit for monthly rent tax deduction>>
5. New hometown love donation tax deduction
As a way to promote small donations to local governments, if you donate to a local government, you can fully deduct up to 100,000 won, and up to 15% of the amount over 100,000 won can be refunded up to an annual limit of 5 million won.
6. Summary of income deduction limits and amounts for year-end tax settlement (revision)
To support the revitalization of domestic consumption, income deductions are available for amounts exceeding 25% of income collected from parents, such as credit cards.
In other words, if your annual salary is 100 million won, the income deduction rate will be applied only to the amount you spent, which is 25% or more of 25 million won.
The income deduction rate is 15% for credit cards and 30% for checks, debits, and cash receipts. The total limit is 2.5 million won, so using checks, debits, and cash receipts will be more helpful for tax refunds.
7. Youth-type long-term fund income deduction phone registration allowed
It has been revised to support asset formation for young people aged 19 to 34.
Workers must check the deduction requirements, and any documents proving deductions that are different from the actual or not provided must be issued by the relevant receipt issuing agency and submitted within the deadline.
Hometax year-end tax settlement simplification PDF file is a required submission document.