How to file foreign private retirement fund assets?

[abc481]

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).

[pk]

@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

[abc481]

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

[pk]

@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 ?

[abc481]

@pk, thank you,

just clarifying: does it mean that I have to report it both with form 8938 and 3520?

Thank you

[pk]

@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 ?