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You can open an emergency savings account at any time, as it is not tied to a specific tax year or deadline. An emergency savings account is a personal savings account set aside to cover unexpected expenses, and it is not a tax-advantaged account like an IRA or a 401(k). The amount of money you can deposit into an emergency savings account will depend on your personal financial goals and the account terms set by your financial institution. There are generally no limitations on the amount you can deposit into a personal savings account. Contributions to an emergency savings account are not tax-deductible because they are made with after-tax dollars. The interest earned on the account may be subject to taxes. You may need to report interest income on your tax return if the interest earned exceeds a certain threshold (typically $10 or more). However, the principal amount you deposit will not be taxed, as you have already paid taxes on that income. Remember to consult a tax professional or financial advisor for personalized advice on your specific situation.