Usacomplaints.com » Business & Finance » Complaint / Review: Primerica - Ripoff Misrepresented IRA investment funding scheme got me in IRS problems. #186559

Complaint / Review
Primerica
Ripoff Misrepresented IRA investment funding scheme got me in IRS problems

Funny, never got invited to one of the conferences. Didn't even know about that part. A friend recommended the program to me as a life insurance and an IRA investment package.

The rep that "friend" introduced me to assured me that the Govt. Allows me to take up to $300 a month out of the money that would normally go to witholding taxes, and put it into a traditional IRA. And that all that money is tax deductible.

In order to get that money, I had to take additional deductions on my W-4 form. I wanted to take $250, so I had to adjust my W-4 to 6 deductions. My tax preparer tells me I can only legally take one deduction as a single person with no dependents, house, or other reason to take more than one deduction. Primerica assured me that I can take the 6 deductions.

So I let it continue. Still paying off money from last year's tax liability. This year, the Primerica rep sent me to someone they said would help me with this problem, and oh yes, I was assured, all the money you put in the IRA is tax deductible.

The person they sent me to told me the same thing my tax preparer told me. I can't take that many deductions. And I owe more taxes this year because of it. Primerica rep lied. Turns out for the $3000 bucks I socked into the IRA each year, I can only get $500 of it off on my taxes each year, and am still liable for the $2500 in witholding tax that should have been taken out for the Govt.

I have let this insanity go on for almost 3 years, and I now owe the IRS $3300 in taxes that I have no way to pay. I will owe nearly $2000 more next year because it will take some time to get the deductions stopped with my company's payroll, now that I know the extent of what they did to me.

Am looking into the possibility of taking the money out of the IRA and taking whatever penalties I have to in order to pay off the IRS and get my posterior out of Primerica. Also paying way too much on the term life insurance. Currently paying $65 a month for $248k. Can get the same through my bank's program for about ten bucks a month. There is going to be some yelling tomorrow when I call the rep and cancel the whole thing.

Can't believe this kind of stuff goes on with such a big name in the industry, and that it has been allowed to go on. If I had the money for a lawyer, I would sue.


Offender: Primerica

Country: USA   State: Arizona   City: Mesa
Site:

Category: Business & Finance

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