Year-end tax settlement calendar — what to do when, and when the refund arrives

The year-end settlement mixes things your employer does automatically with things only you can do. Knowing the calendar is how you avoid missing the window.

The whole cycle (2026 tax year)

When	What happens	What you do
Late Oct – Nov	Hometax preview service opens	Check your expected tax and plan the last two months
Until Dec 31	Deadline for creating deductions	Pension savings / IRP payments, donations, rent registration
Around Jan 15	Hometax simplified data opens	Check the data, note what is missing
Mid – late Jan	Submission to your employer (dates vary)	Submit the data and any missing receipts; decide on the 19% flat rate
February payslip	Result applied	Refund added or extra tax deducted — check your withholding receipt
March 10	Employer files with the National Tax Service	—
May	Individual income tax return period	Second chance if you missed the settlement

The refund is not paid separately — it is added to your February (sometimes March) salary.

Before December 31 — the only time you can create deductions

Once the year ends, nothing new can be added. What still counts for this year must be paid by December 31. For a total salary of ₩50 million, the calculator shows:

Done by December 31	Tax back (incl. local income tax)
₩6 million into pension savings	₩990,000
plus ₩3 million into an IRP	₩1,485,000 (total)

Other things to do before the year ends:

• Rent: to claim the monthly rent credit your registered address must be the rented home; rent paid after you register counts
• Donations: only donations made during the year count
• Card mix: if you have passed the card threshold, a debit card earns twice the deduction rate of a credit card

If your salary is high enough that the 19% flat rate wins, these deductions may not matter — unless they are large enough to make the normal method cheaper again. The calculator shows which case you are in.

January — checking the data

Hometax collects most of your data automatically: cards, medical costs, insurance, pension payments. Some things are often missing and need a receipt: glasses and contact lenses, school uniforms, some donations, rent (lease + transfer records), and disability certificates. Foreign-issued documents for family abroad also have to be submitted by you (see dependents).

This is also when you tell your employer if you want the 19% flat rate.

February – March — checking the result

Your employer gives you a withholding receipt (근로소득 원천징수영수증) showing your final tax and the amount refunded or collected. If something is missing, ask payroll to correct it; after the employer has filed, you can still fix it with a claim for correction.

Missed it? May and the five-year window

• Left your job or could not do the settlement → file your own income tax return in May
• Missed deductions in earlier years → a claim for correction can go back five years

Common questions

What does my employer do automatically? Salary, social insurance and withholding. Card, medical, donation and pension data come from Hometax but you must check and submit them. Rent, glasses, overseas family documents and the flat-rate choice happen only if you act.

I started working in Korea this year. Am I included? Yes — anyone with employment income in Korea this year goes through the settlement early next year. If you also had income abroad this year, ask your employer or the National Tax Service (1588-0560) how it is treated.