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.
Generally, annuities do not belong in tax-advantaged retirement accounts, such as IRAs. A main advantage to an annuity is the ability to defer taxes. Putting an annuity into an IRA, which is already tax-advantaged, makes about as much sense as flapping your arms as you board an airplane.hough they provide a stream of income just as other fixed annuities do, these deferred annuities donât kick in for years to come. If you buy a policy at age 56, you may not see a payoff for another 30 years. . . and only if youâre still alive.