Thank you very much @macuser_22. What do you mean by rollover? He spent the money for paying off his mortgage. Does rollover mean that contributing back to the same IRA?
He did not file his tax return yet and planning to file for an extension. I am assuming that contributing to the traditional IRA will eliminate the tax while Roth IRA contribution will only eliminate the 10% penalty. Is it correct. Somewhere I read that he has only 90 days to return the money into the traditional IRA. It had been almost a year now. Thank you very much again for your detailed answers. I appreciate them.
