IRA contributions must be supported by compensation. (26 USC § 408(a)(1), 26 USC § 219(b)(1)(B))
Compensation is the amount reported in box 1 of a W-2, minus any amount in box 11, or net earnings from self-employment. Net earnings from self-employment are net profit minus the deductible portion of self-employment taxes. With no net profit, you have no net earnings from self-employment to support an IRA contribution.
Note that if your spouse has more compensation than you and you file a joint tax return, your spouse's compensation can be used to support your IRA contribution. (26 USC § 219(c))
