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A bill to amend the Internal Revenue Code of 1986 to allow additional catch-up contributions for certain family caregivers.
9/27/2024, 12:39 PM
Summary of Bill S 5149
Bill 118 s 5149, also known as the "Family Caregiver Catch-Up Contributions Act," is a proposed piece of legislation that aims to make changes to the Internal Revenue Code of 1986. The main purpose of this bill is to allow family caregivers to make additional catch-up contributions to their retirement savings accounts.
Under current law, individuals who are 50 years of age or older are allowed to make catch-up contributions to their retirement accounts in order to help them save more for their retirement. However, this bill seeks to expand this provision to include family caregivers who may have taken time away from the workforce to care for a loved one.
The bill would allow family caregivers to make additional catch-up contributions to their retirement accounts, above and beyond the normal limits set by the IRS. This would provide these caregivers with the opportunity to make up for lost time and savings that may have occurred while they were focusing on caregiving responsibilities. Overall, the Family Caregiver Catch-Up Contributions Act aims to provide support and financial assistance to family caregivers who may have sacrificed their own retirement savings in order to care for a loved one. By allowing these caregivers to make additional contributions to their retirement accounts, this bill seeks to help them secure a more stable financial future for themselves and their families.
Under current law, individuals who are 50 years of age or older are allowed to make catch-up contributions to their retirement accounts in order to help them save more for their retirement. However, this bill seeks to expand this provision to include family caregivers who may have taken time away from the workforce to care for a loved one.
The bill would allow family caregivers to make additional catch-up contributions to their retirement accounts, above and beyond the normal limits set by the IRS. This would provide these caregivers with the opportunity to make up for lost time and savings that may have occurred while they were focusing on caregiving responsibilities. Overall, the Family Caregiver Catch-Up Contributions Act aims to provide support and financial assistance to family caregivers who may have sacrificed their own retirement savings in order to care for a loved one. By allowing these caregivers to make additional contributions to their retirement accounts, this bill seeks to help them secure a more stable financial future for themselves and their families.
Congressional Summary of S 5149
Catching Up Family Caregivers Act of 2024
This bill allows qualified family caregivers to make catch-up contributions to a retirement account for up to five years. A qualified family caregiver is an unemployed or severely underemployed adult who provides 500 hours or more during one tax year of in-home care, monitoring, management, supervision, or treatment of an adult with special needs or a child.
Current Status of Bill S 5149
Bill S 5149 is currently in the status of Bill Introduced since September 24, 2024. Bill S 5149 was introduced during Congress 118 and was introduced to the Senate on September 24, 2024. Bill S 5149's most recent activity was Read twice and referred to the Committee on Finance. (text: CR S6371; Sponsor introductory remarks on measure: CR S6371) as of September 24, 2024
Bipartisan Support of Bill S 5149
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 5149
Primary Policy Focus
Alternate Title(s) of Bill S 5149
A bill to amend the Internal Revenue Code of 1986 to allow additional catch-up contributions for certain family caregivers.
A bill to amend the Internal Revenue Code of 1986 to allow additional catch-up contributions for certain family caregivers.
Comments
Sponsors and Cosponsors of S 5149
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