Did you already try below actions.
•Go to the phone and tap settings > time + date > set the time, date and time zone manually. Once this is done, go back to settings > emails + accounts > tap and hold the Microsoft account > select the sync option.
•If above fails are you prompted for a password? Is so enter the password.
• If this fails sign in with the Microsoft account at /login.live.com/login with the account you are using on the phone. Go to security info and look for the option related to two step verification. If this is currently ON, you will have the option to create an app password. Please create one and then enter this in the password field on the phone.
•If all above fails I am afraid the only other option is to reset the phone and try adding this account at initial set up. If this fails, try adding a different Microsoft account to the phone. This test will tell us if your issue is with the phone or your account.
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