Catching Up Family Caregivers Act of 2024

senate

house

president

Legislation Details

Amends the Internal Revenue Code of 1986 to allow additional catch-up contributions for certain family caregivers.
Defines “qualified family caregiver” as an individual who has completed 500 or more hours as a family caregiver in a taxable year.
Limits the designation of “qualified family caregiver” to a maximum of one taxable year for each year the individual meets the 500-hour requirement, or a total of five taxable years.
Allows self-certification of hours worked as a family caregiver.
Defines “family caregiver” as an unpaid family member, foster parent, or another unpaid adult who is unemployed or severely underemployed, providing in-home care for a child or an adult with special needs.
Expands eligibility for IRA catch-up contributions to include qualified family caregivers, in addition to individuals aged 50 and older.
The amendments will take effect for taxable years beginning after December 31, 2024.

Amends the Internal Revenue Code of 1986 to allow additional catch-up contributions for certain family caregivers.
Defines “qualified family caregiver” as an individual who has completed 500 or more hours as a family caregiver in a taxable year.
Limits the designation of “qualified family caregiver” to a maximum of one taxable year for each year the individual meets the 500-hour requirement, or a total of five taxable years.
Allows self-certification of hours worked as a family caregiver.
Defines “family caregiver” as an unpaid family member, foster parent, or another unpaid adult who is unemployed or severely underemployed, providing in-home care for a child or an adult with special needs.
Expands eligibility for IRA catch-up contributions to include qualified family caregivers, in addition to individuals aged 50 and older.
The amendments will take effect for taxable years beginning after December 31, 2024.