[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 5148 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 5148

  To amend the Internal Revenue Code of 1986 to allow certain family 
                caregivers to contribute to a Roth IRA.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 24, 2024

Ms. Collins (for herself and Mr. Warner) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to allow certain family 
                caregivers to contribute to a Roth IRA.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Improving Retirement Security for 
Family Caregivers Act of 2024''.

SEC. 2. ROTH IRA CONTRIBUTIONS FOR CERTAIN FAMILY CAREGIVERS.

    (a) In General.--Subsection (c) of section 408A of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(7) Special rule for roth ira contributions of qualified 
        family caregivers.--
                    ``(A) In general.--In the case of an individual who 
                is a qualified family caregiver as of the close of the 
                taxable year, in applying section 219 for purposes of 
                paragraph (2), the limitation of paragraph (1) of 
                section 219(b) shall be equal to the dollar amount in 
                effect under section 219(b)(1)(A) for the taxable year.
                    ``(B) Qualified family caregiver.--For purposes of 
                this paragraph--
                            ``(i) In general.--The term `qualified 
                        family caregiver' means an individual who, 
                        during the taxable year--
                                    ``(I) has completed 500 or more 
                                hours as a family caregiver, and
                                    ``(II) has completed fewer than 500 
                                hours of paid employment (including 
                                self-employment).
                            ``(ii) Family caregiver.--The term `family 
                        caregiver' means an unpaid family member, a 
                        foster parent, or another unpaid adult, who is 
                        unemployed or severely underemployed (as 
                        determined by the Secretary) and who provides 
                        in-home care, monitoring, management, 
                        supervision, or treatment of--
                                    ``(I) a child, or
                                    ``(II) an adult with a special need 
                                (as defined in section 2901 of the 
                                Public Health Service Act), including 
                                an elderly adult who requires care or 
                                supervision due to an age-related 
                                condition.
                            ``(iii) Hours.--An individual shall be 
                        treated as serving as a family caregiver during 
                        the hours in which the individual is engaged in 
                        caregiving tasks including assistance with 
                        bathing or grooming, dressing, laundry, food 
                        shopping or preparation, housekeeping, managing 
                        medications, transportation, and mobility 
                        assistance.
                    ``(C) Coordination with spousal ira.--In the case 
                of an individual to whom section 219(c)(1) applies for 
                the taxable year, subparagraph (A) shall be applied 
                notwithstanding such section.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2024.
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