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.
The amount of your inheritance annuity can cause your Social Security payments to become taxable. This depends on your combined income, which includes your Social Security benefits and any taxable income such as work earnings, dividends or inheritance annuities.eceiving an inheritance annuity doesnât affect all types of Social Security payments, but it can affect some some Social Security benefits depending on the amount of your inheritance annuity and any other assets you own.