Taxable-equivalent yield calculator


Changes coming soon

We're working on updates that will reflect the new U.S. tax law. In the meantime, some of the details on this page may not be accurate.

Read an overview of the tax law changes

We also recommend that you consult a qualified tax advisor about your personal situation.


If you’re in a high tax bracket, municipal money market and bond funds are likely to provide you with more after-tax income than would taxable funds that have similar characteristics. If you're a resident of a state that offers a state tax-exempt income fund, you can earn income exempt from both federal and state income taxes, and in certain municipalities, from local income taxes as well. Learn more about tax-exempt investing

To calculate the potential yield you'd have to get from a taxable investment to match that of a Vanguard® tax-exempt fund, select a share class, a Vanguard fund, and your tax bracket. Then click Calculate.

You can also calculate using a specific yield

Step 1. Select a Vanguard fund  
Share class What are share classes?

Or enter a fund number

Step 2. Select a federal tax bracket