What is your age? "For 2019, if you’re 70 ½ or older, you can't make a regular contribution to a traditional IRA." See this IRS webpage.
Otherwise, there is no guaranteed upside or downside. You would get a tax deduction this year, but you would have to pay it back when you take the money out. Worse, if you invest in it the stock market and if the market declines before you take it back out, then you will have lost that principal.
We don't give out financial advice here (just tax help), but I would suggest you consider whether you might be better off having some readily available cash around in an after-tax account for emergencies.
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