Catching Up Family Caregivers Act of 2024

This bill allows unpaid family caregivers who meet specific criteria to make additional contributions to their Individual Retirement Accounts (IRAs), similar to those aged 50+. To qualify, a caregiver must provide 500+ hours of in-home care for a child or an adult with special needs (including elderly adults) during a taxable year, be unemployed or severely underemployed, and self-certify their hours. The bill expands IRA catch-up contribution eligibility to include these "qualified family caregivers" for up to a maximum of 5 years or 1 year per qualifying year, whichever is greater. It applies to taxable years beginning after December 31, 2024.