January 31 Deadline for Charitable IRA Rollovers

Eligible taxpayers still have a few more days to make tax-free contributions to charities from an IRA.  This provision had expired on December 31, 2009, but was renewed for 2010 in the tax bill passed by Congress last month.  The National Association of Enrolled Agents has more coverage, from one of their weekly news updates for members:

The tax deal reached by Congress and the President in December included a provision which retroactively extends the ability of taxpayers to contribute tax-free to authorized charities from their IRA (up to $100,000). The issue that is unique with the charitable IRA rollover is that because the bill wasn't passed until mid-December, but is retroactive to January 1, 2010, Congress gave taxpayers the ability to elect to treat a charitable rollover made in January 2011 as if it were made on December 31, 2010. There is only a short window of opportunity to take advantage of the incentive.