7 Easily Overlooked Medical Expenses for Year-End Tax Settlement... Submit Receipts for Cash-Paid Glasses and Contact Lenses

[Asia Economy Reporter Kwangho Lee] This year, the year-end tax settlement simplification service has newly included expenses for purchasing glasses for vision correction. However, if purchased with cash, the receipt must be obtained directly from the place of purchase and submitted to the company. Also, if you received indemnity insurance payments in January of this year for medical expenses incurred last year, the indemnity insurance payments will be reflected in next year's simplification service, so a revised report will be required during next year's comprehensive income tax filing period.

The Korea Taxpayers Federation announced on the 18th the "7 Medical Expenses Easily Overlooked in the Year-End Tax Settlement Simplification Service" with these details.

In the case of infertility treatment expenses, submitting the relevant receipt allows for a 20% tax credit, which is 5% higher than the general medical expense tax credit rate of 15%. Therefore, employees must obtain a medical expense payment confirmation directly from the hospital or pharmacy.

Expenses for purchasing or renting disability aids such as hearing aids and wheelchairs are not mandatory to be submitted through the simplification service, so the relevant receipts must be kept personally. Small local clinics may also delay submitting data, so it is advisable to check for any omissions.

Patients with severe illnesses such as cancer, dementia, or intractable diseases must obtain and submit a disability certificate directly from the hospital to be eligible for additional disability deductions.

Additionally, to claim medical expenses for children who became adults in 2020, it is essential to obtain prior "information provision consent."

This content was produced with the assistance of AI translation services.