Do I need to file Form 3520 for a foreign private retirement fund (i.e., is this considered a foreign trust which I must report as such)? I'm not retired and therefore have not received any distributions from this fund yet. However, as a retirement fund, it does generate interest that is kept invested in the fund.
I am currently reporting this as interest in a regular foreign investment account (1099-INT).
@abc481 what exactly do you mean a "private retirement " fund ? Is it a trust run by an employer, by a foreign public/govt or what ? Or do you mean really a few shareholders ( friends ) holding a trust/PFIC or what ? Or just your own personal trust ? or what ? Which country or countries ?
Why do you think you need form 3520 ( distribution from a foreign trust/ Estate/ person )?
Please answer my Qs. And I will circle back.
pk
Hi @pk , thank you for your reply.
by "private retirement fund" I mean pretty much the equivalent of a 401(k) in Brazil. It's a fund to which I've made contributions for several years with a corresponding match by my former employer, and the fund is managed by a company that does only that.
I mentioned "trust" and form 3520 actually because I don't really know whether that's considered a trust or if a trust is something entirely different.
Thank you
@abc481 it would be considered a trust --- I am assuming it is a Fidei commissao or similar.. So for your FATCA reporting ( form 8938 ) you have to recognize the value in the trust.
Note that unless there is a tax treaty concluded and in effect at distribution time ( currently there ius none ), there is no protection from double taxation.
Is there more I can do for you ?
@pk, thank you,
just clarifying: does it mean that I have to report it both with form 8938 and 3520?
Thank you
@abc481 , sorry missing on 3520. Both 3520 and 8938 are really informational. However, 3520 is used only when there is a distribution and of value US$100,000. In any case per instruction of form 8938, there is no need for duplicative reporting.--- that is the holding needs to be reported only once ( but may have to referred in the other ). Since you have had no distribution and/or contribution you do not come under the rules for 3520.
Does that answer your query ? Is there more I can do for you ?