Bill > S5149

This bill, the Catching Up Family Caregivers Act of 2024, amends the Internal Revenue Code to allow additional catch-up contributions to retirement accounts for certain family caregivers. The bill defines a "qualified family caregiver" as an individual who has completed 500 or more hours of unpaid family caregiving in a given taxable year, and allows such caregivers to make additional catch-up contributions to their retirement accounts, regardless of their age, for up to the greater of 1 taxable year for each year they provided 500+ hours of care or 5 total taxable years. The amendments would apply to taxable years beginning after December 31, 2024.