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Frequently Asked Questions

Frequently Asked Questions

Please select a topic from the list on the left. You will then be able to choose a specific question from the list of the most common and important questions our shareholders ask. If you ever need more information, or can't find the question or topic you want to explore, please call our Shareholder Services Representatives at 800-422-1050, Monday through Friday, between 8:00 a.m. and 6:00 p.m. Eastern time.

Customer Support FAQs

Retirement FAQs

Tax FAQs

When will I receive a tax form to report my IRA contribution?

Form 5498 will be mailed by May 31 if you made contributions for tax year 2023 into a Traditional, Roth, or SEP IRA.

Why did I receive a Form 5498?

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, 2024. 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?

  • 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)?

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?

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?

You may go the IRS website and research Publication 590-A for contributions to Individual Retirement Arrangements (IRAs) or Publication 590-B for Distributions from Individual Retirement Arrangements (IRAs), 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?

SEP contributions are reported on Form 5498 for the year in which they are received at Harbor. For example, on the 2022 Form 5498, we do not include SEP contributions designated for 2022 that were made in 2023. These will appear on your 2023 Form 5498.

Why did I receive multiple 5498 Forms?

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?

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?

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?

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?

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 2024) checked on Form 5498?

If you attained or will attain age 73 in 2024, 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 2024,you may be subject to a 50% excess accumulation penalty on the amount not distributed. The SECURE 2.0 Acts reduces the excess tax to 25%; possibly 10% if the RMD is corrected within two years.


Harbor Capital and its associates do not provide legal or tax advice.

Any tax-related discussion contained in this material, including any attachments/links, is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any tax penalties or (ii) promoting, marketing, or recommending to any other party any transaction or matter addressed herein. Please consult your independent legal counsel and/or tax professional regarding any legal or tax issues raised in this material.

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Harbor Funds Distributors, Inc. is the Distributor of the Harbor Mutual Funds.
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Investing involves risk and the potential loss of capital.

Investors should carefully consider the investment objectives, risks, charges and expenses of a fund before investing. To obtain a summary prospectus or prospectus for this and other information, click here or call 800-422-1050. Read it carefully before investing.

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