Hometax (www.hometax.go.kr) year-end settlement simplification service opened at 6 am on the 15th, allowing you to search for proof data necessary for year-end settlement income and tax credit.
Opening hours are daily from 6 am to 24 am. From the 15th to the 25th, when usage is concentrated, it can be used continuously for 30 minutes per connection to prevent system overload. When the connection termination notice window pops up, you can save the work and reconnect after disconnection.
In this year-end settlement simplification service, data on donations related to medical expenses related to medical expenses, insurance for loss of medical insurance, eyeglass purchases paid by credit card (cash receipt), monthly tax paid to public rental housing providers, and emergency disaster support were added.
Confirmation data reflecting the addition and amendment data of the receipt issuing agency will be provided from the 20th.
Although it is a deductible item, data that cannot be viewed because the operator is not obligated to submit the data or the agency obligated to submit the data has not submitted the data, the employee must receive the certification data directly from the receipt issuing agency and submit it to the company. Hearing aids, handicapped security devices, glasses paid in cash, and preschool school fees.
If the medical expense data is not searched by the simplified service or is different from the fact, it can be reported to the’Unchecked Medical Expense Report Center’. The reporting center is operated until the 17th.
◇ Data on adult dependents are inquired after consent to provide
For the year-end settlement simplification service attributable to 2020, data can also be inquired with private certificates (KakaoTalk, Payco, KB Kookmin Bank, 3 telecommunications companies PASS, and Samsung PASS), or application/cancellation of the data provision consent of dependents. However, private certificates can only be used on PCs, and mobile hometax applications, that is, Sontax, cannot be used. Joint certificates (formerly accredited certificates/financial certificates), administrative digital signature (GPKI), and educational institution digital signature (EPKI) can be used for both PC and mobile services.
Simplified data on dependents can be searched by workers only after the dependents agree to provide the data. Data on minor children born on or after January 1, 2002 can be viewed by the worker himself/herself through the’substantial child data inquiry application’. You can apply for consent to provide data after accessing Hometax or Sontax and verifying yourself, and you can also apply for fax or visit.
The’convenient year-end settlement service’ that can process deduction reports (workers) and payment statement creation and submission (company) through Hometax, not the company’s computer system, will be operated from the 18th.
◇ If you received a deduction for medical expenses in 2019 and received indemnity insurance last year, you must file a revised report in May of this year.
In this year’s year-end settlement, the credit card income deduction will be applied to a large increase to 80% depending on the time of consumption. Even if the income deduction limit according to income is satisfied, the amount of use of traditional markets, public transportation, books, performances, museums and art museums can be deducted up to 1 million won each. Therefore, if the inquired data is different from the actual card consumption, you can request the credit card company to reissue a confirmation of the amount used, or submit a separate document proving the transaction to the company.
In addition, starting from the year-end settlement, ▲ the establishment of tax exemption for spouse maternity leave ▲ reduction in income tax for excellent workforce returning to Korea ▲ expansion of the tax exemption limit for stock option exercise profits of venture companies to 30 million won can be used for tax reduction.
Contributions for emergency disaster support are classified as legal contributions for the amount received, and for contributions that exceed the amount received are classified as designated payments, and tax deductions are applied. If there are two or more earned income earners among household members, the head of the household or one of the household members can receive a deduction for the full amount.
Of the medical expenses expended last year, the amount received from the loss insurance should be excluded from the medical expense tax credit application. If you received a medical expense tax deduction in the year-end settlement of the amount attributable in 2019 (January of last year), and then received actual loss insurance last year, you must file a revised return when filing your comprehensive income tax in May this year. Failure to file a revised report may result in unpaid tax and penalties.
◇ In order to receive personal deduction for dependents, income requirements must be met.
You should also be careful not to charge penalties for’unfair deductions’ as much as receiving deductions without omission.
The items that workers often differ in year-end settlement include personal deduction for dependents exceeding 1 million won in’income amount’, duplicate deduction for children of dual-income workers, duplicate deduction for parents of siblings, unfair deduction for housing funds or monthly tax, etc.
Here, the amount of income refers to the amount obtained by subtracting the earned income deduction, necessary expenses, pension income deduction, etc. from the total salary, total income, total pension, and transfer difference.
In particular, if there is an error in the personal deduction for dependents, in addition to the basic and additional deductions, special deductions (insurance premiums, education expenses, credit cards, donations, etc.)of the family who incorrectly applied the personal deductions are also excluded.Therefore, the amount of additional tax and additional tax to be paid increases significantly.
(yunhap news)