Harbor Funds | Frequently Asked Questions - Understanding Form 1099-R

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Understanding Form 1099-R
When will I receive Form 1099-R? Show
Form 1099-R for Harbor Funds is generally mailed the second week in January.
Why did I receive a Form 1099-R? Show
Generally, Form 1099-R is sent to any IRA shareholder who has taken a taxable and/or reportable redemption from his or her IRA. These include but are not limited to normal and premature distributions, excess contributions, conversions and distributions that are recharacterized.
How many Forms 1099-R should I receive? Show
You should receive at least one Form 1099-R for each fund you own where you have taken a redemption in a given tax year.
Why did I receive more than one Form 1099-R? Show
You may receive more than one Form 1099-R, if you took a redemption for more than one reason code reported in Box 7. The reason codes identify the type of redemption you received. As a result, each reason code requires a separate Form 1099-R. Also, you may receive more than one form per fund if you redeemed from your IRA while residing in different states.
If federal tax was withheld from my IRA redemption, will it appear on Form 1099-R? Show
Yes, the amount withheld for federal income tax will appear in Box 4 of the form.
I took a redemption from my IRA but rolled the money back into an IRA within 60 days of receiving the check. Why was my redemption reported on Form 1099-R? Show
Generally, any IRA redemption is reportable. Form 5498 will be sent to you and also will be reported to the IRS, showing the money being deposited into an IRA. Form 5498 is mailed to shareholders by May 31 each year and is not required to be filed with your tax return.
I have an IRA with Harbor but I did not receive Form 1099-R for the current tax year. Why? Show
The following may be reasons why Harbor Funds did not issue you a Form 1099-R:
  • You may not have taken a redemption from your IRA during the prior tax year.
  • You may have made a non-reportable direct transfer of assets between two IRA custodians/trustees.
  • Harbor Funds is not required to report distributions that are under $10.00 and you had no federal tax withheld.
I had IRA assets transferred directly between two custodians/trustees. Should I receive Form 1099-R? Show
No, this transaction is considered non-taxable and non-reportable; therefore, Form 1099-R will not be issued.