Improving Retirement Security for Family Caregivers Act of 2024

HR 9765, the Improving Retirement Security for Family Caregivers Act of 2024, allows certain unpaid family caregivers to contribute to Roth IRAs at the standard annual limit. It directly affects unpaid caregivers who provided at least 500 hours of in-home care (e.g., bathing, meal prep, medication management) for a child or an adult with special needs (including elderly adults with age-related conditions) while working fewer than 500 hours paid during the year. The bill amends tax rules to treat these caregivers as if they meet the standard Roth IRA contribution income limits, enabling them to build retirement savings without being disqualified due to low paid employment. This change applies to taxable years beginning after December 31, 2024.