A bill to amend the Internal Revenue Code of 1986 to allow additional catch-up contributions for certain family caregivers.

Bill 118 s 5149, also known as the "Family Caregiver Catch-Up Contributions Act," is a proposed piece of legislation that aims to make changes to the Internal Revenue Code of 1986. The main purpose of this bill is to allow family caregivers to make additional catch-up contributions to their retirement savings accounts.

Under current law, individuals who are 50 years of age or older are allowed to make catch-up contributions to their retirement accounts in order to help them save more for their retirement. However, this bill seeks to expand this provision to include family caregivers who may have taken time away from the workforce to care for a loved one.

The bill would allow family caregivers to make additional catch-up contributions to their retirement accounts, above and beyond the normal limits set by the IRS. This would provide these caregivers with the opportunity to make up for lost time and savings that may have occurred while they were focusing on caregiving responsibilities. Overall, the Family Caregiver Catch-Up Contributions Act aims to provide support and financial assistance to family caregivers who may have sacrificed their own retirement savings in order to care for a loved one. By allowing these caregivers to make additional contributions to their retirement accounts, this bill seeks to help them secure a more stable financial future for themselves and their families.