Bill > HR9764

This bill, the Catching Up Family Caregivers Act of 2024, aims to amend the Internal Revenue Code to allow additional catch-up contributions for certain family caregivers. Specifically, it creates a new category of "qualified family caregivers" who have completed at least 500 hours of unpaid family caregiving in a taxable year or a previous year, and who have worked fewer than a specified number of hours in paid employment during the same year. These qualified family caregivers would be able to make additional catch-up contributions to their retirement accounts, similar to those allowed for individuals aged 50 and older. The bill also extends the catch-up contribution eligibility to IRA accounts for qualified family caregivers. These provisions are intended to help family caregivers who have taken time away from paid employment to provide care for a child or an adult with special needs, including elderly adults, to "catch up" on their retirement savings.