we're already racing toward the end of 2024. at the end of the year, you want to reward yourself for all the hard work you've put in over the past year, but the sight of an empty bank account makes you groan.

but did you know that there are some "hidden bonuses" you may have forgotten about?work and child benefits.

these programs, which provide cash support to working and business households who are struggling to make ends meet because they're working but earning too little, have one last chance to apply if you missed the May deadline.

the truly last chanceto get a payment for 2023 income in 2024, called a"late application," closes on December 1. if you miss this date, you will no longer be able to apply for the 2023 subsidy.

don't let "I won't qualify" or "the application is complicated" stop you. we've got you covered, from who's eligible to apply, to the easiest way to apply, to the payment date you're most likely wondering about, all in one post today.

1. december 1 Deadline: What is "Late Filing?" (The Secret to 95% Payouts)

working Tax Credit applications are normally accepted every May (regular claim), but many people miss this deadline due to busy schedules or lack of knowledge of the system.

for these people, the government offers one more chance to apply, called "late application," until December 1.

of course, there's a small 'penalty' to ensure equity with regular applicants. that is, you'll only receive 95% of the calculated incentive. that's a 5% reduction.

but think of it this way. it's not a 5% cut, it's a chance toget back 95% of the funding you would have gotten otherwise . if you could have gotten $100,000, you're getting $95,000. There's no reason to give up $95,000 for $50,000. Don't miss this last chance on December 1.

2. am I eligible? 3 key requirements for the Working and Child Tax Credit

to be eligible for the Working Tax Credit in 2023, you must meet all of the 1) income, 2) resource, and 3) household member requirements. Here's how to check each one.

income requirements (based on combined gross income for married couples in 2023)

this is the most basic requirement. your combined annual gross income for a single year in 2023 must meet the following thresholds

  • work Credit Income Requirements

    • single household: less than $22 million

    • single-parent households: less than $32 million

    • dual-income households: less than KRW 44 million

  • child Benefit Income Requirements

    • single or dual-income households : less than$70,000

here's a really important point. many people give up on the Child Benefit just because their income is over 44 million won. however,the Child Benefit is much more generous for families earning less than KRW 70 million. if you have children under the age of 18, you should definitely apply for the Child Benefit, even if you don't qualify for the Working Allowance.

property requirements (the biggest pitfall)

as of June 1, 2023, the total value of property owned by all members of your household mustbe less than $240 million.

  • property includes: house , land, building, deposits, savings, stocks, cars, memberships, charters, etc

  • thebiggest pitfall (not subtracting debts): This is the reason most people fail the property requirement. when calculating the total amount of property,debts such as bank loans, mortgages, etc. are not subtracted at all.

    • example: If I have a 300 million won apartment and a 200 million won loan, my net worth is 100 million won. however, my net worth will be calculated as "300 million won" and I will be disqualified because I have more than 240 million won.

  • 50% payment threshold: If your net worth is more than KRW 170 million but less than KRW 240 million, you will only receive 50% of the calculated subsidy.

household member requirements (single vs. dual income)

this is a key criterion where income thresholds vary. it's important to know exactly where you fall.

  • single person household :No spouse , no dependent children under 18, and no immediate dependents age 70 or older

  • dual-income households : either

    1. your spouse's gross pay is less than $3 million

    2. household without a spouse, but supporting a dependent child under 18 or an immediate dependent over 70 (with an annual income of KRW 1 million or less)

  • dual-earner households: households where the applicant and spouseeachearn a gross salary of KRW 3 million or more

important tip: Single-parent households (single moms, single dads) often mistake themselves for "single-parent households," but they are "dual-income households" because they support children under 18. the income threshold for single parents is KRW 32 million, not KRW 22 million, so don't give up on applying even if your income is KRW 25 million.

3. 3 ways to apply for workfare in 5 minutes or less

once you've checked your eligibility, applying is really simple. apply before midnight on December 1 using the method that's most convenient for you.

apply by phone at ARS (1544-9944), the easiest way to apply

if you received an "application notice" in the mail or on your phone from the IRS, this is the easiest and fastest way to apply.

  1. Call ARS at 1544-9944.

  2. enter your 13-digit Social Security number.

  3. enter the 8-digit "Individual Verification Number" from the letter.

  4. follow the instructions to complete the application.

no letter needed! Apply for HomeTax-HandTax

if you didn't receive a letter, or if you're a freelancer or N-Jobber and need to enter your own income, you can use the PC (HomeTax) or mobile app (HandTax).

  • PC HomeTax: Log in → 'Welfare Benefits (Work and Child Benefit)' → 'Apply after the deadline' → 'General Application'

  • mobile Handtax: Open the app → 'Work and Child Benefit (Regular)' → 'General Application'

if you haven't received a letter, you can still apply by checking whether you are eligible, or by entering your income and assets directly from the 'General Application' menu.

apply via KakaoTalk and QR code

scan the QR code on the mailed notice with your smartphone camera, or press the 'Apply' button on the 'National Secretary' notice you received via KakaoTalk, Naver, or TOS to be directed to the application screen.

(Related: The Complete Guide to Child Benefit: Who Can Get How Much?)

4. so, when will the money be deposited? (Payment date)

this is the part you're probably most curious about:If you complete your "late claim" by December 1, it will be reviewed by the IRS and paid out at the end of January.

this means that 95% of the calculated amount will be deposited by the end of January, which is when the Lunar New Year is celebrated. that five-minute investment on December 1 can come back to bite you in the ass with a nice Lunar New Year bonus.

5. frequently asked questions (FAQ)

we've rounded up the last questions that might be keeping you from signing up.

Q: i didn't receive a letter, can I still apply? A : Yes, you can. notices are sent to households that are 'presumptively' eligible to apply. you may meet the requirements (e.g., missing income) and not receive a letter. in this case, you can go to HomeTax or HandTax, go to the 'Make a General Application' menu, enter your income and property information, and apply directly.

Q: i didn'thave any income in 2023 (I was unemployed), can I still apply? A : No, you can't. the Work Credit is designed to incentivize "work," as the name implies. you must have at least one of the following income in 2023: labor income, business income (freelance, etc.), or religious income.

Q: Can freelancers and n-jobbers apply? A : Yes, of course. in particular, freelancers and self-employed individuals are not eligible for the 'semi-annual application', which is divided into two installments per year. the only two opportunities are the "regular application" in May and the "post-deadline application" this December, making this post-deadline application all the more important.

Q: If I have more than $170 million in assets and receive a 95% payment, will both the 50% reduction and the 5% reduction apply? A : Yes, you are correct, the 50% reduction due to the asset requirement ($170-240 million) will be applied first, and then the late filing penalty (5% reduction) will be applied on top of that amount.

Q: When exactly will I receive my payment? A : Those who file late by December 1 will receive their payment inlate January of the following year (2025)after IRS review.

last chance in 2024, don't miss Dec. 1

[Key One-Line Summary] If you worked hard in 2023 , but your income and resources are eligible, and you missed filing in May,December 1 isreally the last day to get paid in 2024. apply now at ARS (1544-9944) or through the HomeTax or HandTax app, and95% of the moneywill be in your bank account by theend of January.

did today's information help you build a strong January bonus?Ifyou have any other tips for applying for benefits, orsuccess stories about applying after the deadline, please share them inthe comments. i'm sure it will help a lot of people.

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