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.
Confidence votes 129. You can rollover a 401k to any type of IRA account that is geared towards retirement. (Education IRA's do not apply). A simple IRA is no different, and you can do a direct rollover to this account without incurring any type of taxes or penalties. However, use caution when doing the transfer, as you can be penalized up to 40% if it isn't done correctly.