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In Reply to: Paid Up Additions posted by Jenna on August 04, 2007 at 12:45:50: Generally, your distribution would be subject to income taxes only on the amounts above your basis that was withdrawn. The basis is equal to the total amount of premiums that you have paid on the policy. There may be special circumstances related to your situation that may require the input of a CPA. : My brother, sister, and I are considering withdrawing $36,000 of paid up additions from a life insurance policy we jointly own. The paid up additions were bought with dividends from the policy over the past 17 years. Can anyone give me an inkling of what the tax consequences will be? Thank you very much.
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