Catching Up Family Caregivers Act of 2024
Topic:
Proposals are grouped into broad types, with specific topics within each category
Proposal Overview
Name: Catching Up Family Caregivers Act of 2024
Congress: 118th
Year: 2024
Sponsor and Co-Sponsors
Sponsor:
Senator Susan Collins (R-ME)
Co-Sponsors:
Senator Gary Peters (D-MI)
Companion Bill
Related Bills from Prior Congresses
None
Program Details
Overview: Allows qualified family caregivers of any age who are temporarily underemployed or unemployed due to caregiving responsibilities to make catch-up contributions to a retirement account for up to five years.
Eligibility
A qualified family caregiver is an unemployed or severely underemployed adult who provides at least 500 hours per year of caregiving or supervision to an adult or child with special needs. An adult with special needs includes an elderly adult who requires care or supervision due to an age-related condition.
Amount of Catch-up Contribution
The catch-up contribution is an amount additional to the standard annual IRA contribution limit. It varies by tax year. For the 2025 tax year, the standard IRA contribution limit is $7,000, and the catch-up amount is $1,000, for a total of $8,000. The limit applies to the total contributions across all of one’s Traditional and Roth IRAs.
Financing & Implementation
Program Administration
Internal Revenue Service
Revenue Source(s)
Not specified
Program Cost Estimate
Not specified