Those who registered their marriage this year can receive a 500,000 won tax credit at the year-end settlement. Childbirth support funds received from a company related to one's own or spouse's childbirth are fully exempt from taxes. Medical expenses for children under 6 are included as fully deductible. High-income earners can also receive a deduction for postpartum care expenses (up to 2,000,000 won).
According to the National Tax Service on the 18th, such childbirth and childcare support benefits will be added in the 2024 year-end settlement starting Jan. 15.
Previously, the government established the marriage tax credit, allowing a 500,000 won tax credit upon marriage registration. The tax credit is 500,000 won for each spouse. This marriage tax credit is available only once in a lifetime, regardless of whether it is a first marriage or a remarriage. Under the current tax law, it is temporarily applicable until Dec. 31, 2026, for marriage registrations.
If someone divorced after a past marriage and remarried this year but held a wedding ceremony without registering the marriage, can they receive the marriage tax credit?
A National Tax Service official noted, "To receive the marriage tax credit, marriage registration must be completed between Jan. 1 this year and Dec. 31, 2026." The official said that in such cases, marriage registration must be completed by the end of this year to receive the tax credit in the 2024 year-end settlement.
In light of Booyoung Group's "1 billion won childbirth support fund" payment, childbirth support funds paid by companies are fully exempt from taxes. Salaries (childbirth support funds) received according to common regulations within two years of a child's birth related to one's own or spouse's childbirth are fully tax-exempt up to two times. However, to prevent tax evasion through preferential treatment, relatives of controlling shareholders and representatives are excluded. Payments made this year are tax-exempt for support funds related to children born in 2021.
The child tax credit will also increase. If there are two or more children between the ages of 8 and 20, the credit amount will increase by 50,000 won compared to before. If there are two children, the credit increases from 300,000 won to 350,000 won, for three children from 600,000 won to 650,000 won, and for four children from 900,000 won to 950,000 won.
Regarding medical expenses, the expenses for children under 6 are fully deductible. High-income earners with a total salary exceeding 70 million won can receive a deduction for postpartum care expenses (up to a limit of 2,000,000 won).