File Your Representative Payee Report. The SSA requires that a representative payee file an annual accounting called the Representative Payee Report. This report details what you, as the representative payee, have done with the beneficiary's funds during the previous year.
You can roll over an inherited qualified annuity. This type of annuity resides in an individual retirement account or employer plan. A nonspouse beneficiary has limited options regarding how to roll over the annuity and when taxes are due.
A rollover is when you move the assets in an employer-sponsored retirement plan, such as a 401(k) or 403(b), into an IRA. You start by deciding what type of IRA is best for you and choosing your investments. You'll then call the financial company that holds your former employer's retirement plan and have your savings moved into a Vanguard IRA. Call us at 800-523-9442 and one of our rollover specialists will walk you through the steps.