Year-end tax adjustment, 500,000 won tax credit if marriage registration is made within this year

Tax credit of 500,000 won if marriage is reported within this year

Housing subscription savings deduction payment limit of KRW 3 million per year

Deductions added when card/cash receipt usage exceeds 5%

Family names with excess income appear, but be aware of the 'first half of the year'

[Anchor]
From the 15th of next month, the National Tax Service's year-end tax settlement simplification service will be opened.

This year-end settlement is characterized by strengthening marriage and childbirth support to resolve low birth rates.

Reporter Lee Seung-eun reports on what changes.

[Reporter]
Marriage tax credit will be newly established from this year-end tax settlement.

If you register your marriage within this year, the tax will be deducted by 500,000 won.

Regardless of the first marriage or re-marriage, you can receive a tax credit once in your lifetime.

This benefit will be applied temporarily until 2026 marriage registration.

Childbirth support payments paid by companies to workers are tax-free up to two times.

Medical expenses are also included in the full deductible for those under the age of six.

Even workers with a total salary of more than 70 million won can include postpartum care expenses up to 2 million won in medical expenses subject to tax credit.

The child tax credit will also increase by 50,000 won if you are 8 years old or older and have two or more children over the age of 20.

Benefits related to housing costs will also increase.

Long-term home mortgage loans can be deducted up to 20 million won, and the standard for houses acquired this year will be raised from 500 million won to 600 million won.

The monthly rent is up to 80 million won in total salary and up to 10 million won in annual monthly rent, and 15% of the expenditure (17% for workers under 55 million won in total salary) can be deducted.

To do this, you need to apply for a cash receipt for housing rent from Hometax in advance.

The payment limit for the housing subscription savings deduction has also been expanded to 3 million won per year.

[Lee Ji-yeon / National Tax Investigator: You can get a tax credit if you pay to your pension account or housing subscription savings by December 31st. However, if you cancel it within a certain period of time without a justifiable reason after receiving the deduction, additional cancellation tax may occur.]

If the amount of card and cash receipts used has increased by more than 5% from last year, an additional 10% of the increase in consumption will be deducted from the limit of 1 million won.

A common mistake workers make is applying for the income excess dependents deduction.

Starting this time, the National Tax Service will separately show the names of dependents whose income exceeds 1 million won, but since the first half of the year is the only standard, we need to check the total income this year to determine whether it will be deducted or not.

I'm YTN's Lee Seung Eun.

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video: Joo Hye-min
Design: Baek Seungmin