diff --git a/apps/api/src/app/import/import.service.ts b/apps/api/src/app/import/import.service.ts
index 5791d66c1d..b8579b795d 100644
--- a/apps/api/src/app/import/import.service.ts
+++ b/apps/api/src/app/import/import.service.ts
@@ -303,6 +303,7 @@ export class ImportService {
           // the "Exclude from Analysis" tag
           if (
             accountWithBalances.isExcluded &&
+            existingTagIds.has(TAG_ID_EXCLUDE_FROM_ANALYSIS) &&
             !tagIds.includes(TAG_ID_EXCLUDE_FROM_ANALYSIS)
           ) {
             tagIds.push(TAG_ID_EXCLUDE_FROM_ANALYSIS);
diff --git a/apps/api/src/app/portfolio/calculator/roai/portfolio-calculator-cash.spec.ts b/apps/api/src/app/portfolio/calculator/roai/portfolio-calculator-cash.spec.ts
index cc777dfc5e..aaa2f63cfa 100644
--- a/apps/api/src/app/portfolio/calculator/roai/portfolio-calculator-cash.spec.ts
+++ b/apps/api/src/app/portfolio/calculator/roai/portfolio-calculator-cash.spec.ts
@@ -361,7 +361,6 @@ describe('PortfolioCalculator', () => {
             createdAt: parseDate('2023-12-31'),
             currency: 'CHF',
             id: accountId,
-            isExcluded: false,
             name: 'CHF',
             platformId: null,
             updatedAt: parseDate('2023-12-31'),
@@ -493,7 +492,6 @@ describe('PortfolioCalculator', () => {
             createdAt: parseDate('2023-12-31'),
             currency: 'CHF',
             id: accountId,
-            isExcluded: false,
             name: 'CHF',
             platformId: null,
             updatedAt: parseDate('2023-12-31'),