Retirement Savings Access for Unpaid Family Caregivers.
This bill allows individuals who provide significant unpaid care for family members (children or adults with special needs) to contribute to a Roth IRA retirement account. This change specifically targets caregivers who complete at least 500 hours of caregiving and fewer than 500 hours of paid work annually. The goal is to help these individuals build retirement security despite sacrificing their professional careers.
Key points
Unpaid family caregivers who meet specific hourly requirements can now contribute to a Roth IRA, bypassing the standard earned income requirement.
Eligibility requires a minimum of 500 hours of caregiving and being severely underemployed or unemployed during the tax year.
The new rules take effect for tax years beginning after December 31, 2024.
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