Earned Income Tax Credit and Child Tax Credit, 2023 payment schedule and thresholds clarified / 2024.08.29

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Good news for low-income households with 2023 Work and Child Tax Credit payments

With the news that the IRS will make an early payment of the 2023 refundable Earned Income Tax Credit on September 29, low-income families are excited about the financial support they'll receive, especially since the payment is coming a month earlier than the statutory deadline of September 30, which is a big boost for low-income families who need it as soon as possible.

1. how much and to whom

The National Tax Service will pay an average of KRW 1.06 million to a total of 2.89 million households, including KRW 2.383 trillion for work subsidies to 2.18 million households and KRW 786.9 billion for child subsidies to 810,000 households. In the case of the child subsidy, the amount is 2.3 times higher than last year, as the income threshold has been lowered, allowing more households to receive the benefit.

2. application criteria

The criteria for applying for Workfare are as follows

• Single households: Combined income of less than $22 million
• Single income households: Combined income of less than $32 million
• Two-income households: Combined income of less than $38 million

To qualify for the Child Benefit, your household income must be less than $70 million, and the total assets of all members of your household must be less than $240 million.

Source: NAVER Search API /May be irrelevant to content / Search Keywords: economic assistance, irs, workfare, work incentives

3. Lowering the income threshold for the Child Tax Credit

This year, the income threshold for the Child Benefit has been significantly lowered. The income threshold has been adjusted from 40 million won to 70 million won, allowing more families to qualify for the benefit. This change is part of our efforts to respond to the declining birthrate and ease the financial burden on families.

4. payment methods

The Work and Child Tax Credit is automatic for applicants, so there is no application process. Payments will be made directly to the household's registered account, with the first payment made on August 29th.

5. more info

The IRS is sending out payment notices to households that haven't applied and reminding them that they can apply from home. In the future, the IRS plans to continue to support low-income households to improve their incomes and achieve economic stability.

Three-line summary

• The IRS will make early payments of the 2023 Work and Child Tax Credit on August 29th.
• The income threshold for the workfare program is less than $22 million for a single person, $32 million for a two-person household, and $38 million for a two-person household.
• The Child Benefit is available to couples earning less than 70 million won and has been expanded significantly.

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