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.
If you inherit a Roth IRA and roll over to an Inherited Roth IRA, you must take MRDs (unlike the original owner, who was exempt from MRDs during their lifetime). The assets must be moved to an inherited IRA and the same rules apply for separating the assets as when there are multiple beneficiaries.RD rules dictate not only how much, at a minimum, you are required to withdraw from an IRA, but when you must begin taking those distributions, as well. Generally, you must begin taking MRDs for Inherited IRA assets by December 31 of the year after the year of the original ownerâs death.