Which of the following statements about traditional IRAs is true: O Traditional IRA contributions are never tax deductible. O Withdrawals from traditional IRAS are income tax free. O There is a limit on how much one can contribute to traditional IRA per year. O Traditional IRAS are exempt from the penalty tax on early withdrawals. John is the top salesman in his company and his annual income is over $500,000. Based on the information, John does NOT qualify to contribute to which of the following: Whole life insurance. Roth IRA, Variable life insurance. Annuity.