IRA contribution changes

TOLEDO, Ohio (WUPW) - Steve Fought is 50-years-old and wonders how much he can contribute to his Roth IRA this year, including catch-up provisions.

Well, you have plenty of time, since we're still early in 2010. But there might be some inflation adjustments made, whether that happens or the exact number will be determined later this year.

For now, plan on the $6,000 contribution limit from last year. That's the $5,000 limit, plus the $1,000 catch-up provision for being over 50.

You can always add to your fund later this year, if changes are made.

A couple things to clarify: Contribution limits apply to your Roth and your traditional IRA.

So if you have both, that means there's a limit on the total contribution. In other words, if $6,000, you're limited to 3 to each or 5 to one $1,000 to the other, and so on.

Also, you can only make contributions if you have earned income. If your only income is from a pension or investment gains, you cannot make any contributions to a retirement account.