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.
To do a rollover, you can withdraw all the funds and close the account, or you can do a partial transfer. Your provider will likely refer to this as an âearly distributionâ or âpremature withdrawalâ if youâre under 59Â½, but this does NOT mean youâll get hit with taxes and penalties.