Yes, Foreign Pensions can be tricky and stiff fines could occur if not reported properly. As a result, you need to make all reasonable efforts to comply with the reporting requirements for the pension.
Complete Part 11 and part 111 of the 3520 the best you can with what information you have. You may attach an additional statement to your 3520 stating that you have tried to obtain as much information as you can about the trust but the Norwegian entity has not complied with your request.
If you are unable to obtain a copy of a Grantor Trust Beneficiary statement, you will check in part 111 that you are unable to obtain one. You may mention this in the statement also. Select N/A for the non-grantor trust as pension plans are considered a Grantor Trust since you own the plan.
In part 111 of the 3520, after you enter the information in sections 24-28 and checked you do not have a Grantor Trust Beneficiary statement, Schedule A is easy to fill out. You will skip Schedule B and fill out Schedule C if line 37 has an amount greater than 0. In Schedule A when it asks how long this has been a trust, you will mention how many years you have paid into the pension plan.
Based on what you told me, this is the first year you received the distribution. As you complete this section, I don't think you will need to fill out Schedule C because line 37 will be a negative number, less than zero. There will be no need for Form 4970 or Schedule J of a 1041.
There are additional reporting requirements. There is a FBAR reporting requirement if the balance of the plan exceeds $10,000 during the year. Your plan is a prime candidate for this type of report. You will report that here. Hopefully you have knowledge of your pension balance or it is listed in the statement sent to you. This information is critical.
Also, if your pension plan has a balance of over $50,000 at any time during the year or $75,000 ( If filing single) on the last day of the year, you need to file form 8938. If you file Married Filing jointly, it's $100,000 and $150,000 respectively.
To enter a 8938:
- open your tax return
- Go to Federal
- Other Tax Situations
- Other Tax Forms
- Prepare a report on foreign financial assets
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