contribute to IRA

[mc_hockey]

I contributed $5000 to IRA account in my 2019 tax return, but I then forgot to actually do it. So I received more tax return but the $5000 stayed in my non-IRA checking account. What should I do? what's the consequence if I just leave it as is and do nothing?

 

[Taxing Matters]

I contributed $5000 to IRA account in my 2019 tax return, but I then forgot to actually do it.

So in other words, you never contributed that $5000 to your IRA account but you took the deduction as though you had made the contribution.

What should I do?

I should think that the answer to that is pretty obvious: amend your 2019 return and pay the tax you owe and the interest (which is at pretty low rates for the last few years).

what's the consequence if I just leave it as is and do nothing?

If the IRS catches it, you'll face not only repaying the tax and interest, but will likely get hit with penalties too, and there is a very small chance of criminal prosecution for filing a fraudulent return.

 

[LdiJ]

I contributed $5000 to IRA account in my 2019 tax return, but I then forgot to actually do it. So I received more tax return but the $5000 stayed in my non-IRA checking account. What should I do? what's the consequence if I just leave it as is and do nothing?

First, the money you get back when you file taxes is NOT a "tax return". I is a tax refund. The tax return is the document that you file with the IRS.

It is a problem that you claimed an IRA deduction but did not actually make the contribution. See a tax professional on how to fix the problem. This is not a DIY issue.