Dependent Tax Credit: Who Qualifies and What You Get
Learn how to reduce your taxable income by claiming credits for the family members you support.
The Dependent Tax Credit is a way for taxpayers to reduce the amount of their income that is subject to tax by claiming financial support for family members.
Who it's for
This credit is available to taxpayers who provide financial support to specific family members. This includes children under the age of 20 and parents who are aged 60 or older.
What you get
You can receive a deduction of ₩1,500,000 from your taxable income for every dependent you qualify to claim.
What it costs you
There is no direct fee to apply for this credit. To receive the benefit, you must participate in the annual year-end tax settlement process.
The catch to know
You cannot claim the same person twice. Only one person can claim a specific dependent; if multiple people try to claim the same family member, you may face penalties.
How to apply
- Gather documentation proving your relationship to your dependents.
- Complete the necessary paperwork during your annual year-end tax settlement.
- Submit your claim through the official tax portal.