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What are the eligibility requirements for setting up an IRA (Roth or traditional) in terms of "residency status"? I have been in the US for 5 years on a visa. My permanent residency ("green card") application has just been started but will take time to process.

To be eligible to set up an IRA you must have compensation income taxable in US. So if you worked last year you may set one up for 2001.

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