Private Irish Pension

[ajdiue08dcd]

Do I have to report and pay taxes on gains in my private Irish (foreign pension) account?  I did not receive any distribution ever. I am not entitled to any distributions since I have not reached the retirement age yet. The units did not generate any gains but dollar to euro fluctuations created capital gain on these assets in USD. Do I have to report these gains as foreign income on the tax return?  

In my mind, it is like taxing unrealized capital gains since the assets never been sold nor distributed to me. 

Please advise. 

[MaryK4]

No you do not have to report the gains due to currency conversions as income unless you actually receive a distribution.  Please make sure you report the foreign account (8938 and FBAR) if required.

[ajdiue08dcd]

I am actually reading here - https://rsmus.com/what-we-do/services/tax/international-tax-planning/do-i-owe-us-tax-on-my-foreign-p...

 However, a highly compensated employee participating in a discriminatory plan must recognize the difference between the current year ending value of the account and the previously taxed amounts as compensation income each year. As a result, not only is the current year realized income subject to tax, but also any unrealized appreciation in the plan is taxed.  The previously taxed amount becomes the employee’s basis in the pension plan; therefore, future distributions are subject to minimal additional tax, if any. These employer-sponsored plans are compensation so all income is reported as ordinary income, regardless of the underlying nature of the investments held in the plan.

That would imply I have to pay no matter what.  Do I understand this correctly?