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118-hr-10182Committee
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Caregiver Financial Relief Act

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Summary

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The Caregiver Financial Relief Act amends the Internal Revenue Code to allow individuals to withdraw up to $10,000 per year from qualified retirement plans without the standard 10-percent early withdrawal penalty if the funds are used for family caregiving expenses. Eligible caregiving expenses include costs for assistance with activities of daily living, home modifications, respite care, counseling, lost wages due to caregiving, and travel related to care. The withdrawal is available to individuals caring for a spouse or qualifying relative who has been certified by a licensed health care practitioner as having long-term care needs lasting at least 180 consecutive days.

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Bill details

Congress
118
Bill type
hr
Introduced
November 20, 2024
Sponsor
Not yet available
Last action
November 20, 2024— Referred to the House Committee on Ways and Means.

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