Improving Retirement Security for Family Caregivers Act of 2024

This bill (S 5148) allows certain unpaid family caregivers to contribute more to Roth IRAs. It directly affects individuals who provide in-home care for children or adults with special needs (like elderly adults requiring supervision), provided they complete at least 500 hours of unpaid caregiving while working fewer than 500 hours in paid employment during the tax year. The key provision amends tax law to set a higher Roth IRA contribution limit for these "qualified family caregivers" based on existing rules, effectively increasing their retirement savings potential. The change applies to taxable years beginning after December 31, 2024.