The earned income tax credit of up to ₩3.3M goes only to those who apply — 95% after the deadline
The earned income tax credit is not paid unless you apply, even if you meet every requirement. Households are single, single-earner or dual-earner, with combined income below ₩22M, ₩32M and ₩44M respectively. Household assets must be under ₩240M, jeonse deposits count and debts are not deducted; at ₩170M or more only half is paid. The maximum is ₩1.65M for a single household, ₩2.85M for a single earner and ₩3.3M for dual earners.
Conditions used in the video
- Eligible income
- wages · business income · religious income (employees, part-timers, self-employed, freelancers)
- Household type
- single · single-earner (spouse's pay under ₩3M) · dual-earner (each spouse ₩3M or more). Every threshold turns on this
- Income threshold (couple combined, below)
- single ₩22M · single-earner ₩32M · dual-earner ₩44M
- Asset threshold (all household members)
- under ₩240M (jeonse deposits included · no deduction for debt)
Results
- Maximum payment
- single ₩1.65M · single-earner ₩2.85M · dual-earner ₩3.3M
- Single household · pay ₩7M
- ₩1.65M (flat range ₩4M to ₩9M)
- Single household · pay ₩15M
- about ₩888,000 (phase-out)
- Single household · pay ₩20M
- about ₩254,000 (phase-out)
- Single household · reaches zero at
- ₩22M
- Application
- regular in May · half-year application for wage income only · late application within 6 months after the deadline · 95% of the computed amount
Why it works this way
Some people meet every requirement and have never received the earned income tax credit. They never applied. Even when a notice arrives, nothing is paid automatically.
Restriction of Special Taxation Act Article 100-3.
- Household typesingle · single-earner · dual-earner
- Income below₩22M · ₩32M · ₩44M
- Assetsunder ₩240M · half at ₩170M or more
Jeonse deposits count as assets and debts are not deducted.
A single household with ₩7M of pay gets ₩1.65M, with ₩15M ₩888,000, with ₩20M ₩254,000. The regular application is in May, and a September half-year application is possible for wage income only. A late application within six months pays only 95%. Dual earners can receive up to ₩3.3M, single earners ₩2.85M.
The legal basis
Drawn from government announcements and the statutes themselves as primary sources, covering only the relevant part.
Restriction of Special Taxation Act Articles 100-3, 100-5 and 100-6 (EITC requirements · computation · application)
In force Current (checked 2026-09-05)
A resident below the household-type income threshold with assets under ₩240M who applies is paid according to the computation table. Assets of ₩170M or more reduce it by 50%. Late applications within six months receive 95% of the computed amount.
What this means
Applying, not qualifying, decides payment. Missing the deadline costs 5%.
Run it on your own numbers
The calculator opens with these conditions already filled in. Change the figures and your own case comes straight out.
Open the Earned Income Tax Credit
Frequently asked
I got a notice. Do I still need to apply?
Yes. The notice only says you may qualify; payment requires an application through Hometax, the mobile app or ARS.
What if I missed May?
A late application is possible within six months after the application period ends, but you receive only 95% of the computed amount.
I rent on jeonse. Does that count as assets?
Yes. Jeonse deposits are included and debts such as loans are not deducted. All household members' assets combined must be under ₩240M.
Results are estimates based on the inputs and on the rules as at the stated date. They may differ from a lender's actual assessment, and the rules change often. Take professional advice before any decision that matters.