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.
Messing up a transfer of an inherited IRA can cost a lot in taxes. When you inherit an IRA, you can elect to take small distributions over your lifetime to spread out the taxable income rather than taking a lump sum all at once.To prevent any unnecessary money from going to Uncle Sam, you need to know how you can move it without it all being taxed.hen you inherit an IRA, you can elect to take small distributions over your lifetime to spread out the taxable income rather than taking a lump sum all at once. To prevent any unnecessary money from going to Uncle Sam, you need to know how you can move it without it all being taxed.