Can I contribute to 2021 IRA if I don't have income and my wife is working full time with a 401k account?

[dmertz]

If you file a joint tax return and your compensation is less than your spouse's compensation (as in this case), you can make a traditional IRA contribution based on your spouse's compensation reported in box 1 of your spouse's W-2 (minus any amount in box 11).  Since your spouse is covered by a workplace retirement plan, whether you'll be able to deduct the traditional IRA contribution will depend on your modified AGI for this purpose.

[henryjjlee]

Thank you. For 2021, my income will be near zero, my wife's is around $150,000. Is my IRA (or Roth IRA) contribution will be $7,000 since I'm over 55?

[dmertz]

Yes, the 2021 IRA contribution limit for someone age 50 or over in 2021 is $7,000.

Whether or not you are eligible to contribute to a Roth IRA will depend on your modified AGI fro the purpose.