Is an Insurance Settlement Annuity taxable once it Matures?

My son broke his arm in a trampoline accident and was awarded a settlement in a "friendly" lawsuit when he was 7. The settlement proceeds were placed into an annuity until he reached a minimum of 18 years old. I set it to mature when he turns 25 which is today. His $11,000 settlement has matured into a... show more My son broke his arm in a trampoline accident and was awarded a settlement in a "friendly" lawsuit when he was 7. The settlement proceeds were placed into an annuity until he reached a minimum of 18 years old. I set it to mature when he turns 25 which is today. His $11,000 settlement has matured into a little over $24,000. Is any portion of this taxable?
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