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I got an email from a buddy who's currently living [and working] in Japan. He and another friend want to open an IRA for 2000 but weren't sure if that was possible. They earned the income in Japan, but the company is a US company. Following is a snippet from his email:

[We both] want to start [an IRA] and have money earned here in Japan but not in the US. If we were paying taxes back in the US, it would work BUT they are under the limit here in Japan so they pay very little here(this is a recipricol trade past between US and Japan) in the way of taxes. Their company is not international(it's an English school here).

Any help would be very appreciated by me and my overseas pals.

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