My grandfather passed away last year and I received an inheritance from his Trust. The proceeds came to me in cash, but contained in the Trust, among other things, was an annuity that was cashed in at his death. Although I believed inheritances to be non-taxable (to the recipient), the Trustee (his bank) has told me that I will receive a K-1 statement showing the taxable portion of the annuity that I will be required to pay taxes on.Is this correct?
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