I previously worked abroad many years ago. Part of my comp was paid into an off-shore trust. I paid tax on the income in the year earned. I also paid tax on earnings in the trust in all relevant years. Finally, I paid tax on FX gains to the high water mark. As such, I believe all tax liabilities on income were met historically. In 2021, I requested as beneficiary that the funds on deposit be distributed to me and the trusts dissolved. I don't believe these trusts qualified as tax-favored foreign retirement trusts or tax-favored foreign nonretirement savings trusts, as described in section 5 of Rev. Proc. 2020-17. However, the distributions were neither gifts nor untaxed income.
What do I need, if anything, to do by of reporting the transaction or otherwise?
