Taxable-Equivalent Yield Calculator

Taxable-Equivalent Yield Calculator

Use the calculator below to find out how much you'd have to earn from a taxable investment to equal the tax-free yield of a municipal bond investment. In other words, the calculator can help you make an apples-to-apples comparison between taxable and tax-free investments.





Select Your Federal Income Tax Rate1

Select Your State

Select Hypothetical Tax-Free Yield


2019 Federal Income Tax Rates and Brackets1
 24%32%35%37%
  If Taxable Income Is...
Joint Return $168,400–
$321,450
$321,451–
$408,200
$408,201–
$612,350
$612,351+

Assumed rates of return in this calculator are provided for illustrative purposes only. They do not reflect the performance of any Franklin tax-free income fund or the possible effects of the alternative minimum tax.

This calculator is provided for educational purposes only and is not meant as legal, tax, estate planning or investment advice. You should review your overall tax plan with a tax professional. The results of these calculations are estimates based solely on user input and the assumptions of the calculator program. All examples are hypothetical and intended for illustrative purposes only. Investment results do not represent the future performance of any Franklin Templeton fund. Investment return and principal value will fluctuate with market conditions, and you may have a gain or a loss when you sell your shares.

All investments involve risks, including possible loss of principal. For more information on any of our funds, contact your financial advisor or download a free prospectus. Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.