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.
1 You can re-file the IRA as an inherited IRA. 2  This is a good option if you are younger than 59Â½ but need to make distributions from the account. 3  Since beneficiaries never pay an early withdrawal penalty regardless of age, if you remain in the status of beneficiary, you can take distributions without penalty.f Youâre a Spouse Beneficiary. The spouse has more options than a non-spouse beneficiary. Here are the four options: 1  You can rollover the deceasedâs IRA to your own. 2  This is a good option if you are younger than the deceased and can further delay the required beginning date for distributions.