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.
So, if they are under 59 1/2, they should maintain it as an inherited IRA--only a spouse has that option. The spouse can also do a rollover. Most people will recommend, including myself, to do the spousal rollover, but only if the spouse is 59 1/2 or older.hen, at 59 1/2, when the penalty period expires--there's no penalty once you hit 59 1/2--then he or she can do the rollover into their own IRA and they don't have to take required distributions until they turn 70 1/2.