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.
Spouse Beneficiary. If you are the spouse beneficiary of the IRA, the rules allow you to treat the inherited IRA as your own. You can change the name on the IRA to yours, transfer it into one of your existing IRAs or roll the IRA into a different IRA account.As the spouse of the deceased owner of the IRA, you have all the rights of an original IRA owner when you inherit.ollover vs. Transfer. An IRA can be moved to a new custodian through either a rollover or a transfer. A rollover occurs when you receive the money from an IRA and deposit it into another IRA within 60 days.