savings accounts The deduction allowed by section 224. . (c) Tax on excess contributions Section 4973 of such Code (relating to tax on excess contributions to certain tax-favored accounts and annuities) is amended— (1) by striking or at the end of subsection (a)(5), by inserting or at the end of subsection (a)(6), and by inserting after subsection (a)(6) the following new paragraph: (7) an emergency savings account (within the meaning of section 224(d)),