“To amend the Internal Revenue Code of 1986 to allow certain family caregivers to contribute to a Roth IRA.”
No CRS summary available for this bill.
This section establishes a special rule allowing qualified family caregivers to make Roth IRA contributions up to the maximum dollar amount under IRC §219(b)(1)(A) for the taxable year (i.e., the standard annual IRA contribution limit, regardless of compensation limitations under §219(b)(1)), if they complete 500 or more hours of unpaid caregiving and fewer than 500 hours of paid employment (including self-employment) during the year. A qualified family caregiver is an unpaid family member, foster parent, or other unpaid adult who is unemployed or severely underemployed (as determined by the Secretary) and who provides in-home care, monitoring, management, supervision, or treatment—such as assistance with bathing, dressing, meals, medications, or transportation—to a child or an adult with a special need (as defined in section 2901 of the Public Health Service Act), including an elderly adult with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with<|control704|> with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with with