Taxpayer age 70 Traditional IRA contribution and withdrawal

[TAXNJ]

Scenario:
Taxpayer age 70 contributes in 2018 to a Traditional IRA for tax year 2017 IRA deduction.

Taxpayer wants to take that same contribution out by November 2018.

Any restrictions (penalties) related to the contribution/withdrawal in this scenario?

[DonB]

Scenario:
Taxpayer age 70 contributes in 2018 to a Traditional IRA for tax year 2017 IRA deduction.

Taxpayer wants to take that same contribution out by November 2018.

Any restrictions (penalties) related to the contribution/withdrawal in this scenario?

This can be a great tax planning maneuver if it makes economic sense. I just had a client (>59 1/2) establish and contribute $100 to an IRA reducing her AGI below the first Tuition Deduction threshold. I told her she could withdraw it next month if she so wishes.