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.
Tax rules require you to disclaim assets within nine months of the IRA/Retirement Plan account owner's death. Be sure to consult with a tax or legal advisor concerning this option and to verify if an Inheritance Tax Waiver is required by the decedent's state of residence.f you're inheriting from another type of workplace savings account such as a 401(k) or 403(b) , you can directly roll over an inherited workplace savings account to an Inherited IRA. This option allows you to begin taking MRDs by December 31 of the year following the retirement plan owner's death.