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 IRA is a Traditional IRA that is often used by those who have changed jobs or retired and have assets accumulated in their employer-sponsored retirement plan, such as a 401(k). Eligible distributions from such plans can be rolled over directly into a Fidelity Rollover IRA without incurring any tax penalties and assets remain invested tax-deferred.