Education & FAQs

Understanding Form 1099-R
When will I receive Form 1099-R? Show
The IRS deadline for mailing Form 1099-R is January 31, however Harbor Funds generally mails this form by the second week in January. Please review the Harbor Funds Tax Statements section in the Tax Center for periodic updates to the mailing schedule.
Why did I receive a Form 1099-R? Show
Generally, you would receive Form 1099-R if you held an IRA and took a taxable and/or reportable redemption during the prior tax year. These include but are not limited to normal and premature distributions, excess contributions, conversions and recharacterizations.
How many Forms 1099-R should I receive? Show
You should receive at least one Form 1099-R for each fund you own from which you have taken a redemption in a given tax year.
Why did I receive more than one Form 1099-R for the same fund? Show
You may receive more than one Form 1099-R if you made multiple types of redemptions from your IRA, resulting in more than one distribution code reported in Box 7. Each distribution 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 assets. Why was my redemption reported on Form 1099-R? Show
Generally, any IRA redemption is reportable on Form 1099-R, even if the proceeds were rolled back into an IRA. You should also receive Form 5498 (from the institution that received the rollover funds) showing the money being deposited into an IRA. Form 5498 should be mailed to shareholders by May 31 each year and will also be reported to the IRS. You are not required to file Form 5498 with your tax return.
I have an IRA with Harbor but I did not receive Form 1099-R for the prior tax year. Why? Show
The following may be reasons why you did not receive Form 1099-R from Harbor Funds:
  • You did not take a redemption from your IRA during the prior tax year.
  • You may have made a direct transfer of assets between two IRA custodians/trustees, which is not reportable.
  • The redemption from your IRA was under $10.00 and had no federal tax withheld, in which case Harbor Funds is not required to provide Form 1099-R.
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.