Bill > HR8273

This bill, titled the "Catching Up Family Caregivers Act of 2026," proposes to amend the Internal Revenue Code of 1986 to allow certain family caregivers to make additional "catch-up" contributions to retirement accounts, such as IRAs (Individual Retirement Arrangements). Catch-up contributions are extra amounts individuals can contribute to retirement plans once they reach a certain age, typically 50, to help them save more for retirement. This bill expands this provision to include individuals who qualify as "qualified family caregivers." To be considered a qualified family caregiver, an individual must have provided at least 500 hours of unpaid caregiving during the current or a previous tax year and have worked fewer paid hours than caregiving hours in the same tax year. Family caregivers are defined as unpaid family members, foster parents, or other unpaid adults who are unemployed or underemployed and provide in-home care, monitoring, or assistance to a child or an adult with a special need, including an elderly adult. The bill limits the number of years an individual can be considered a qualified family caregiver to a maximum of five years, or one year for each year they met the criteria, whichever is less. This provision aims to provide financial support for individuals who dedicate significant time to caregiving, often at the expense of their own career and retirement savings.