GRACE for Military Survivors Act

The GRACE for Military Survivors Act extends the deadline for contributing military death benefits to Roth IRAs and Coverdell education savings accounts from one year to three years. This change directly benefits families of service members who receive these death benefits, giving them more time to save for retirement or education. The law applies to benefits received after the bill is enacted and includes a special rule allowing contributions made within a specific window for benefits received between 2001 and the enactment date. By amending the Internal Revenue Code, the bill ensures that eligible funds can be deposited into these tax-advantaged accounts without losing their value due to time limits.