I have until April 18, 2016, to fund my traditional IRA, in order to reduce my 2015 taxes. I am 67 years old. I have two questions:

1. If I have to take a withdrawal later in 2016, will that negate the the
funding that took place prior to April 18 and thus negate the tax savings
for the 2015 return?

2. Since I am older that 59-1/2, will there be a penalty on any
withdrawals (I know I will have to pay income tax on the withdrawal if I do
not re-fund my IRA within 60 days).

Thank you.