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.
Deferred annuity. You can withdraw money from a deferred annuity, but you may have to pay surrender charges and, if you're under age 59Â½, the IRS can impose a 10% penalty tax. Another option is to annuitize, converting the deferred annuity into an income stream.