This work presents the multiharmonic analysis and derivation of functional type a posteriori estimates of a distributed eddy current optimal control problem and its state equation in a time-periodic setting. The existence and uniqueness of a weak space-time variational formulation for the optimality system and the forward problem are proved by deriving inf-sup and sup-sup conditions. Using the inf-sup and sup-sup conditions, we derive guaranteed, sharp, and fully computable bounds of the approximation error for the optimal control problem and the forward problem in the functional type a posteriori estimation framework. We present here the first computational results on the derived estimates.