Search Results: keywords:"qualified expenses"

  • S. 3716 — To create children's lifetime savings accounts, and for other purposes.
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    Status:Introduced in Senate
    Words:7,738

    S. 3716, known as the “401Kids Savings Account Act of 2024,” aims to help children in the United States start savings accounts for their future. The bill proposes creating programs to establish savings accounts for every eligible child, allowing family members and the...

    Simple Explanation

    The 401Kids Savings Account Act of 2024 is about helping kids save money for their future by having special savings accounts where family and the government can add money that grows over time, and when they're 18, they can use it for things like school or buying a house.

  • S. 3702 — To amend the Internal Revenue Code of 1986 to provide a nonrefundable credit for working family caregivers.
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    Status:Introduced in Senate
    Words:2,068

    The proposed bill, titled the "Credit for Caring Act of 2024," seeks to amend the Internal Revenue Code to offer a tax credit for working family caregivers. It would allow eligible caregivers to receive a nonrefundable credit equivalent to 30% of their qualified caregiving expenses over...

    Simple Explanation

    The "Credit for Caring Act of 2024" is a proposed law that would help people who take care of family members by giving them some money back when they do their taxes to make it a bit easier on their wallet. It offers a tax break for certain caregiving costs, but not everyone qualifies, and the amount you get back depends on how much you earn and spend.

  • H. R. 7165 — To amend the Internal Revenue Code of 1986 to provide a tax credit for working family caregivers.
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    Status:Introduced in House
    Words:2,039

    The H.R. 7165, also known as the "Credit for Caring Act of 2024," proposes to amend the Internal Revenue Code to offer a tax credit to working family caregivers. It allows caregivers to claim a tax credit equal to 30% of qualified caregiving expenses that exceed $2,000, with...

    Simple Explanation

    The "Credit for Caring Act of 2024" is a plan to help families who take care of loved ones at home by giving them some money back on their taxes. It lets them get back part of the money they spend on caring, but they need to keep good records and might find it tricky to figure out the exact amount.