Expanding Access to Retirement Savings for Caregivers Act

Hozzl · 2024-01-31T08:15:27Z

Explore the details of House Bill 6772 Expanding Access to Retirement Savings for Caregivers Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/31/2024, 8:15 AM

Congressional Summary of HR 6772

Expanding Access to Retirement Savings for Caregivers Act

This bill allows an individual to make annual catch up contributions to a retirement account before reaching age 50 if the individual leaves the workforce to provide dependent cares services.

Specifically, the individual must have been unemployed, and have had no earned income, as a result of providing care to (1) a dependent under the age of 13, or (2) a spouse physically or mentally incapable of self-care.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill HR 6772

Bill HR 6772 is currently in the status of Bill Introduced since December 13, 2023. Bill HR 6772 was introduced during Congress 118 and was introduced to the House on December 13, 2023. Bill HR 6772's most recent activity was Referred to the House Committee on Ways and Means. as of December 13, 2023

Bipartisan Support of Bill HR 6772

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 6772

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 6772

Expanding Access to Retirement Savings for Caregivers Act

To amend the Internal Revenue Code of 1986 to reduce the age for making catch-up contributions to retirement accounts to take into account time out of the workforce to provide dependent care services.