The semi-annual application period for earned income tax incentives begins in March. There may be some people who are unfamiliar with what the semi-annual application for earned income tax incentives is.
Today, we will find out what the semi-annual application and regular application for work incentives are, and learn about the regular application period and semi-annual application period for work incentives in 2024, and the work incentive payment date!!
2024 Earned Income Tax Credit Application Period Payment Date
What is a regular semi-annual application for earned income tax incentives?
Regular application for work incentives
Regular application for work incentives
The regular application for earned income tax incentives is a method in which incentives are applied for and paid in May, when last year’s income is confirmed through a comprehensive income tax return. Before the semi-annual application for the earned income tax credit was introduced in 2019, only regular applications for the earned tax credit were possible for both earned and business income earners.
Currently, people who only have earned income can apply for the semi-annual application for the earned income tax incentive. If you have business income or religious income, you cannot apply semi-annually and only regular applications are possible.
Semi-annual application for work incentives
Semi-annual application for work incentives
In order to compensate for the shortcomings of the existing work incentive payment system, which has a large time lag between the time of income generation and the time of payment of the work incentive, and to increase the actual perception of the incentive support, the semi-annual application for the earned income tax incentive is limited to earned income earners who can check their income semi-annually for the relevant year. This is a system that has been implemented since 2019 to allow workers to apply for and pay semi-annual work incentives based on their income.
In the case of the regular application for work incentives described above, for example, the application for work incentives for income in 2023 will be made in May, and the actual payment of work incentives will not be made until around September 2024.
That is why it is paid to encourage work activities, but people who work in 2023 but have low income will actually receive the work incentive around September 2024, so it is a system created to reduce the gap.
Semi-annual application for work incentives
In the case of semi-annual application for earned income tax incentives, you and your spouse must be residents whose income consists only of earned income. Even if you are a resident whose income consists only of earned income, you are not necessarily required to apply for the earned income tax semi-annually. You can choose between regular and semi-annual applications.
Learn more about semi-annual application for National Tax Service Earned Income Tax Credit
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Learn more about semi-annual application for work incentives
2024 work incentive application period (regular application/semi-annual application)
Category Eligible for application Application period
Half-yearly application earned income earner Income for the second half of 2023 March 1 to March 15, 2024
Annual income in 2023 for regular applicants working, business, or religious earners May 1 – May 31, 2024
Half-yearly application earned income earner 2024 first half income September 1 ~ September 15, 2024
The semi-annual application period for the 2024 Earned Income Tax Credit is from March 1 to March 15, 2024 for income in the second half of 2023, and from September 1 to September 15, 2024 for income in the first half of 2024.
The regular application period for the 2024 work incentive for 2023 annual income is from May 1 to May 31, 2024.
In the case of regular applications for earned income tax incentives, applications can be made after the deadline. The application period after the deadline is from June 1 to November 30, 2024. However, please keep in mind that if your application for the incentive is delayed, the payment of your work incentive will also be delayed.
Check the National Tax Service’s work incentive application period
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Check the application period for employment incentives
Check the progress of the National Tax Service’s work incentive screening process
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Check the status of the work incentive screening process
Earned incentives regular application, semi-annual application, payment date
Payment date for semi-annual application for work incentives / Payment date for regular application
Payment date for regular application for work incentives
If you apply during the regular application period for the work incentive, the work incentive will be paid by the end of September. In the case of work incentives applied for after the deadline, payment will be made within 4 months from the date of application.
Therefore, those who missed the regular application period should apply as soon as possible after the deadline to receive the work incentive payment as early as possible.
Work incentive semi-annual application payment date
Category Application Subject Application Period Payment Date
Semi-annual application Income for the second half of 2023 March 1 – March 15, 2024 Around the end of June 2024
Income for the first half of 2024 September 1 to September 15, 2024 Around the end of December 2024
The payment date for semi-annual application for work incentives is that the work incentives for the first half of the year are paid at the end of the year, and the work incentives for the second half of the year are paid around the end of June.
Work incentives for income in the first half of 2023 were paid on December 12, not the end of December. Please note that although the payment date for earned income tax incentives may be slightly earlier, the general payment date is the same as above!!
Check the National Tax Service’s work incentive payment date
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Check the work incentive payment date