To amend the Internal Revenue Code of 1986 to extend the time period for contributing military death gratuities to Roth IRAs and Coverdell education savings accounts.

Bill: 113-hr-4559
Sponsor: full_name: Rep. Schock, Aaron [R-IL-18]
Introduced: 2014-05-01
Policy area: Taxation
Subjects: Bank accounts, deposits, capital

Employee benefits and pensions

Military personnel and dependents

Student aid and college costs

Veterans' pensions and compensation
Latest action: action_date: 2014-05-01
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2014-05-01
action_desc: Introduced in House
text: <p>Amends the Internal Revenue Code to extend the period in which death gratuities (less amounts contributed to a Coverdell education savings account) and insurance proceeds payable to survivors of members of the Armed Forces or the Uniformed Services may be contributed to a Roth individual retirement account (Roth IRA) from one to three years after receipt of such gratuities or proceeds.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4559 IN THE HOUSE OF REPRESENTATIVES May 1, 2014 Mr. Schock (for himself, Mr. Blumenauer , Ms. Tsongas , and Mrs. Noem ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to extend the time period for contributing military death gratuities to Roth IRAs and Coverdell education savings accounts.

1. Extension of time period for contributing military death gratuities to Roth IRAs and Coverdell education savings accounts (a) In general Sections 408A(e)(2)(A) and 530(d)(9)(A) of the Internal Revenue Code of 1986 are each amended by striking 1-year period and inserting 3-year period . (b) Effective date The amendments made by this section shall apply to amounts received under section 1477 of title 10, United States Code, or under section 1967 of title 38 of such Code, after the date of the enactment of this Act.