A comment I have on this thread is that my insurance company subtracted prior withdrawals from the premiums paid to determine the cost basis, which was then used to determine the taxable amount. I am about to follow up and ask the insurance company for a year-to-year breakdown of the cost basis because in my opinion the cost basis should be used to determine the amount of prior withdrawals, not using the prior withdrawals total to determine the cost basis. Does anyone have an opinion on this?
