Taxpayers who made errors in applying deductions during the year-end settlement can correct these mistakes without incurring penalties by filing their comprehensive income tax returns by June 1.
The National Tax Service announced on May 14 that individuals can amend any missed or incorrectly applied deductions during the comprehensive income tax filing period, which runs from May 1 to June 1.
If a taxpayer omitted deductions during the year-end settlement, they can still claim these deductions on their comprehensive income tax return. Refunds will be issued to the taxpayer's account within 30 days after the filing deadline. Local income tax refunds will be processed separately within four weeks.
If a taxpayer has over-applied deductions and paid less tax as a result, they can also correct this without penalties during the same period. However, failing to make corrections during the filing period may lead to additional penalties for underreporting (10%, or 40% in cases of fraud) and late payment.
Starting this year, the National Tax Service will provide individual notifications regarding errors in dependent family member deductions for the first time. This includes cases of duplicate claims for the same dependent or including deceased individuals or non-eligible family members. Notifications will be sent via KakaoTalk or Naver alerts, and detailed information can be checked on the Home Tax website.
Taxpayers should also note that if there are errors in dependent deductions, related deductions such as insurance premiums, medical expenses, educational costs, donations, and credit card usage must also be excluded.
Additionally, individuals with multiple sources of income are required to file comprehensive income tax returns. This includes those with business income, other income, or interest and dividend income exceeding 20 million won. Employees receiving salaries from two or more companies due to job changes are also required to report their income collectively.
The National Tax Service plans to expand pre-notifications regarding errors in dependent deductions and various other deductions to minimize taxpayers' burdens.
* This article has been translated by AI.
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