Will Year-End Tax Deduction for Children Expand? Push to Raise Age Limit from 20 to 26

Here is the final, informative piece of news.

"Expansion of the child tax deduction."

These days, job preparation tends to take longer, and many households are supporting children over the age of 20.

As a result, a legal amendment is being pursued to allow basic year-end tax deductions for children up to 26 years of age.

Currently, the basic child tax deduction applies to children aged 20 or younger.

It is a system that deducts 1.5 million won per person annually from comprehensive income.

The proposed amendment raises the eligible age range from 20 to 26.

The deduction amount remains the same at 1.5 million won.

The intent is to reflect the reality that young people are securing jobs later and parents are facing prolonged financial support burdens in the tax code.

The amendment is expected to be finalized once it passes the National Assembly.
※ Please note: This article was translated by AI and may contain errors.