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.
Also, as a non-spouse beneficiary, you do not have the option of rolling the assets into your own IRA. If you inherit IRA assets from someone other than your spouse, you generally have a few options to consider. Transfer the assets to an inherited IRA beneficiary distribution account (IRA BDA).When you transfer assets from a traditional IRA into an IRA beneficiary distribution account (inherited IRA, or IRA BDA), the rules for Minimum Required Distributions, or MRDs still apply.f the original IRA owner died after reaching age 70 1/2, then you must continue to take annual MRDs from your inherited IRA. You may elect to calculate those MRDs by using your own age (see above) or by using the deceased IRA owner's age in his or her year of death.