Roth IRA

[Mtakara1234]

I want to contribute to a new Roth IRA.  For this year 2021 and last year 2020.  I do not have an Ira yet and I am 51 years old.  I can contribute $7500 for both of these years correct, cause I am behind.  Can I contribute more for past years?

Now as a business owner, I have to pay myself w-2 wages to be able to contribute in the future and moving forward correct?

[Bsch4477]

You can contribute up to $7,000 for 2021 if you do it before April 18, 2022. 
You cannot contribute retroactively for 2020. 
If you are self employed you do not have to pay yourself via a W-2. You can contribute to an IRA based on your net self employment income. You can also contribute to a SEP IRA up to 20% of your net self employment income if you wish in addition to your Roth IRA. 

[ErnieS0]

You can contribute to a 2021 IRA but it’s too late to contribute to 2020 as super Tax Champ @Bsch4477. The limit is $6,000 + $1,000 for someone 50 or older. The limit is the same for 2022.

IRS announces changes to retirement plans for 2022

A business owner can make additional contributions outside an IRA by setting up a Solo 401(k) plan and other types of plans.

See Retirement Plans for Self-Employed People