Your IRA contribution is limited to your compensation from working. If you are self-employed, your compensation is considered to be 92% of your net income (which is your net income minus half your self-employment tax). Using the spousal, IRA rules, your spouse can rely on your compensation to make a contribution, but your contributions are still limited by your total compensation. For example, if you have $10,000 in compensation, you could contribute $7000 to an IRA and your spouse could contribute $3000.
Because of reforms in the SECURE act, you are allowed to make new IRA contributions even if you are over age 72, as long as you have compensation from working.
