QQbeTools
🏦

Pension Savings/IRP Tax Credit Calculator

Calculate your expected year-end tax refund from pension savings and IRP contributions.

KRW
KRW
KRW

Estimated tax refund

1,485,000KRW

🚀 This is your projected refund at year-end settlement.

Total contributions
9,000,000KRW
Credit-eligible amount
9,000,000KRW
Applied credit rate
16.5%

How it works

Pension savings and IRP accounts double as retirement planning and a year-end tax credit. Pension savings alone caps at 6M KRW/year, and the combined pension + IRP cap is 9M KRW. The credit rate is 16.5% for gross salary up to 55M KRW, and 13.2% above that — so maxing out the cap can return roughly 1.48M KRW at the higher rate.

FAQ

Q. Which should I fund first — pension savings or IRP?

A. The credit rate is the same for both, so compare fees and investment options. Many people fill the pension savings cap (6M) first, then top up with IRP.

Q. What happens if I withdraw early?

A. You may be clawed back with an additional income tax (16.5%) on the credits you already received. Remember these are long-term retirement vehicles.

You might also like

📈ROI CalculatorCalculate return on investment and net profit against your principal.📊CAGR CalculatorWork out the compound annual growth rate of an investment over time.📈Stock Average-Down CalculatorSee how a new purchase shifts your average price and break-even point.💎Crypto Staking Reward CalculatorEstimate your daily, monthly, and yearly staking rewards from amount and APR.