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.
If you choose to roll over the inherited IRA assets to your own IRA, the rules for MRDs will still apply. This means you must withdraw a certain amount of money from your IRA, including inherited assets, each year once you reach age 70Â½.