GRACE for Military Survivors Act

The GRACE for Military Survivors Act extends the deadline for surviving family members to deposit military death benefits into Roth IRAs or Coverdell education savings accounts from one year to three years. This change directly affects the spouses, children, and other dependents of deceased service members who are eligible for these tax-advantaged contributions. The bill applies to benefits received after enactment, while also allowing a transition period for amounts received between October 7, 2001, and the date the law is passed.