Harbor Funds | Frequently Asked Questions - Understanding Form 5498

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Understanding Form 5498
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Understanding Form 5498
What other types of contributions are reported on my Form 5498? Show
  • Traditional IRA Contributions
  • Rollovers
  • Roth IRA Contributions
  • Roth Conversions
  • Recharacterized Contributions
  • SEP Contributions actually made in the calendar year (Jan 1 thru Dec 31).
Why is a rollover a reportable event whereas an IRA transfer is not reportable? Show
The IRS has decided that a direct transfer is not a reportable event. Additionally, there is no limit on the number of direct transfers that can be made in a given year. A rollover occurs when an IRA account holder requests a distribution from their current IRA sponsor. All distributions from IRAs, including those that are rolled over, must be reported on IRS Form 1099-R. The second step in a rollover occurs when the IRA holder reinvests the IRA distribution that was received earlier. The IRA holder generally has 60 days after the date receiving the distribution to complete the rollover by investing the distribution back into an IRA. All rollovers are considered contributions, and are reportable on IRS Form 5498.
Why don't I receive a Form 5498 with my other tax forms (ex. Form 1099)? Show
Since you are able to contribute to your IRA for the prior year until the tax filing deadline (generally April 15th), not including extensions, Form 5498 will not be prepared and filed until May of the following year.
Why did I receive a Form 5498 for my recharacterization / conversion? Show
If you convert or recharacterize funds from one type of IRA to another, the amount is reportable and may be subject to income tax and therefore reported on Form 5498.
Where can I go to find out more information regarding my Form 5498 or any other reportable IRA Form? Show
You may go the IRS website and research publication 590 or review the Harbor Funds Disclosure Statement & Custodial Agreement for further information.
I made a contribution in calendar year 2012 for 2011 in my SEP IRA that does not show on my 2011 Form 5498, I thought that these types of contributions are shown if made before April 15 of the following year. Show

SEP contributions are reported on Form 5498 for the year in which they are received. For example, on the 2011 Form 5498, we do not include SEP contributions designated for 2011 that were made in 2012.

Why did I receive multiple 5498 Forms? Show
If you have more than one IRA, a separate Form 5498 must be filed for each plan. Additionally, a separate Form 5498 must be filed for each fund that you are invested.
Why did I receive a Form 5498? Show
Federal law requires Harbor Funds to report contributions, conversions, recharacterizations, and rollovers you made in a tax year, including carry back contributions remitted between January 1 and April 15, 2011. These amounts are indicated on Form 5498. Form 5498 also reports the fair market value of your IRA as of the previous year end balance.
When will I receive a tax form to report my IRA contribution? Show
Form 5498 will be mailed by May 31 if you make a contribution into a Traditional, Roth, or SEP IRA.
Why didn't I receive a tax form for my IRA transfer? Show
The IRA transfer of assets is a non-reportable event.
Why didn't I receive a Form 5498? Show
Harbor Funds will only send a Form 5498 to shareholders who have made a contribution to their IRA plan. You will not receive a Form 5498 if there has been no reportable contribution to your IRA.
Is it necessary to attach Form 5498 to my income tax return? Show
You are not required to attach the Form to your tax return; it is for informational purposes only.
I received a distribution of an IRA Excess Contribution, but Form 5498 still reflects my entire contribution. Will I receive a revised Form 5498? Show
Harbor Funds is required to report the entire contribution, including the excess contribution amount to the IRS, as such, a Form 5498 revision is not necessary.
Why is box 11 (required minimum distribution for 2011) checked on Form 5498? Show
This is to remind you to take your required minimum distribution for the current tax year, if you attained (or will attain) age 70 1/2 in that year. If you do not take the RMD for 2012, you may be subject to a 50% tax on the amount not distributed.