Korean Pension Savings & IRP Tax Credit Calculator
Estimate your Korean tax credit refund from pension savings and IRP contributions
Enter what you've paid into a Korean pension savings account (yeongeum jeochuk) and an IRP (Individual Retirement Pension) and this calculator estimates the tax credit refund you can expect at year-end settlement or when filing comprehensive income tax. It works for both wage earners and comprehensive income filers, automatically applying the correct credit rate for your income bracket (16.5% or 13.2%). All math runs in your browser, so your income details never reach a server.
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How to use
- Select your income type: 'Wage earner (year-end tax settlement)' or 'Comprehensive income filer'.
- Enter your total salary or your comprehensive income amount.
- Enter your annual contributions to pension savings and to your IRP separately.
- Review your estimated refund and how much more you can still contribute before hitting the credit ceiling, then copy the results.
FAQ
- What are the tax credit limits for pension savings and IRP?
- Pension savings count for up to KRW 6 million per year, and the combined pension savings plus IRP ceiling is KRW 9 million per year. So if you max out pension savings at KRW 6 million, you can claim up to another KRW 3 million through your IRP.
- How is the credit rate determined?
- If your total salary is KRW 55 million or less (or comprehensive income of KRW 45 million or less), the rate is 16.5% including local income tax; above that it drops to 13.2%. The calculator picks the right rate automatically from the income you enter.
- Could the result differ from my actual refund?
- Yes. This is an estimate based only on the credit ceilings and rates. Your real refund can change depending on other deductions and credits or on your calculated tax liability, so treat the figure as a reference point.