Education & FAQs

Understanding Form 5498
When will I receive a tax form to report my IRA contribution? Show
Form 5498 will be mailed by May 31 if you made contributions for tax year 2013 into a Traditional, Roth, or SEP IRA.
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, 2014. 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.
What else is 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 through Dec 31)
  • Fair market value of account (December 31 year-end balance)
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 until the tax filing deadline for the prior year (generally April 15th), not including extensions, Form 5498 will not be prepared and filed until May.
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 prior year SEP contribution. Why doesn't this show on my Form 5498? Show
SEP contributions are reported on Form 5498 for the year in which they are received at Harbor. For example, on the 2013 Form 5498, we do not include SEP contributions designated for 2013 that were made in 2014. These will appear on your 2014 Form 5498.
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 to which you contributed. Additionally, a separate Form 5498 must be filed for each fund in which you are invested and made contributions.
Why didn't I receive a tax form for my IRA transfer? Show
Per the Internal Revenue Service (IRS), an IRA transfer of assets is a non-reportable event and does not produce a tax form.
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 and reflects the information Harbor sends to the IRS.
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.  Therefore, a Form 5498 revision is not necessary.
Why is box 11 (required minimum distribution for 2014) checked on Form 5498? Show
If you attained or will attain age 70½ in 2014, Box 11 is checked on the Form 5498 to remind you to take your required minimum distribution for the current tax year. If you do not take the RMD for 2014, you may be subject to a 50% excise penalty on the amount not distributed.