Is the Tax Equivalent Yield Calculator free?
Yes. It is completely free, with no sign-up, no watermark, and no usage limits.
Does it use a specific currency?
No. Amounts are currency-neutral and use the same unit across all inputs, so it works in any country.
What is the tax-equivalent yield formula?
TEY = tax-free yield ÷ (1 − tax rate). A 3.5% muni in the 24% bracket equals a 4.61% taxable yield.
How is state tax included?
In-state munis are often free of state tax too. The combined rate is federal + state × (1 − federal), since state tax is deductible only in limited cases; enter 0 for state if the bond is out of state.