Investboard …
04 tax workbench · current for 2026
See the net return first. Then the tax components, assumptions, and the point where the saver allowance applies.
The calculator models German flat tax on private capital income. It shows a computed tax burden and does not replace tax advice.
Investboard calculates the tax for every position in your portfolio, with loss offsetting, saver's allowance optimization, and tax projection for the entire year.
Start free. Pro from EUR 11.99/mo.
The Abgeltungsteuer is a flat 25 % tax on capital gains. Including the Solidaritaetszuschlag (solidarity surcharge of 5.5 % on the tax), the effective rate is 26.375 %. If you pay church tax (Kirchensteuer), the rate rises to 27.82 % (at 8 % church tax) or 27.99 % (at 9 % church tax), because the Soli is slightly reduced when church tax applies.
No. Although the Soli was eliminated for most income-tax payers since 2021, it still applies in full to capital gains. Capital gains are not covered by the income-tax exemption threshold, so the 5.5 % surcharge on Abgeltungsteuer continues to be charged.
The two terms are used interchangeably. Kapitalertragsteuer is the legal term for the withholding tax on capital gains. Abgeltungsteuer (literally 'settlement tax') refers to the fact that once this tax is paid, your capital gains are fully settled for income-tax purposes, with no further reporting in your tax return required.
Yes, losses from investments can be offset against gains from investments. However, there is an important restriction: losses from stock sales may only be offset against gains from stock sales (§ 20 Abs. 6 Satz 4 EStG). Losses from other types of investments can be freely offset against all forms of capital income.
If your personal income-tax rate is below 25 %, you can apply for the Günstigerprüfung (§ 32d Abs. 6 EStG). The Finanzamt (tax office) then checks whether taxing your capital gains at your lower personal rate would be more favourable. The difference from the Abgeltungsteuer already withheld is refunded. This is especially relevant for people with low overall income.
The Teilfreistellung makes 30 % of the income from stock funds and stock ETFs tax-free (§ 20 InvStG). Only the remaining 70 % is taxed, and the Sparerpauschbetrag and the 25 % capital gains tax then apply to that reduced amount. The reason is the tax already charged at fund level. No partial exemption applies to interest, to capital gains outside funds, or to dividends from individual stocks. It works both ways: losses from a stock fund also count at only 70 %.
Filing the Anlage KAP is mandatory above all for investment income with no German withholding, typically accounts held abroad, and where church tax is due but was not withheld. It is worth filing voluntarily if your Sparerpauschbetrag went unused, if you want to offset losses across banks (loss certificate by December 15), or if your personal tax rate is below 25 %. The Günstigerprüfung (§ 32d Abs. 6 EStG) is applied only if it lowers your tax; otherwise the Abgeltungsteuer stands.
How to make the most of your EUR 1,000 allowance across several custody accounts.
Read article →Two pots, a December deadline, and a widespread misconception about equity ETFs.
Read article →What remains of your dividend after Abgeltungsteuer, solidarity surcharge, and church tax?
Calculate now →Calculate the advance lump sum tax on your ETFs and funds, for the 2024 to 2026 tax years, each due in January of the following year.
Calculate now →Which ETF type gives you more wealth after German taxes? Long-term comparison with Vorabpauschale, partial exemption, and saver's allowance.
Calculate now →Distribute your saver's allowance across banks and brokers without leaving allowance unused.
Calculate now →Calculate your wealth after 10, 20, or 30 years, optionally with German tax deduction (Vorabpauschale).
Calculate now →How much financial cushion do you need?
Calculate now →How much do you need for your property?
Calculate now →Calculate tax-free allowances and tax liability
Calculate now →What will your child's savings plan grow to?
Calculate now →When will you reach financial independence?
Calculate now →What's missing for your retirement?
Calculate now →How long will your assets last?
Calculate now →Inputs
Aktuell für 2026Type of Earnings
Your Tax Profile
of EUR 1.000
Your Capital Gains Tax
EUR 1.000,00 stays tax-free. The remaining EUR 4.000,00 carries capital gains tax and solidarity surcharge.
Saver's Allowance (Sparerpauschbetrag)
FSA = EUR 1.000,00
Taxable Income = EUR 5.000,00 − EUR 1.000,00 = EUR 4.000,00
Tax Calculation
KAP = EUR 4.000,00 × 25% = EUR 1.000,00
Soli = EUR 1.000,00 × 5,5% = EUR 55,00
Total Tax = EUR 1.000,00 + EUR 55,00 = EUR 1.055,00
Net & Effective Rate
Net = EUR 5.000,00 − EUR 1.055,00 = EUR 3.945,00
Effective Tax Rate = EUR 1.055,00 ÷ EUR 5.000,00 = 21,10%
The Abgeltungsteuer (§ 32d EStG) is Germany's flat-rate withholding tax on investment income. It consists of up to three components that together determine the effective tax burden.
1. Kapitalertragsteuer (Capital Gains Tax, KAP): 25%
The base rate is 25% on taxable investment income after deducting the Sparerpauschbetrag (saver's lump sum). Your bank withholds this tax automatically and remits it to the Finanzamt (tax office).
2. Solidaritätszuschlag (Solidarity Surcharge, SolZ): 5.5% on the KAP
The Solidaritätszuschlag is not levied on the investment income itself but on the capital gains tax.
SolZ = KAP × 5.5% = Investment income × 25% × 5.5% = Investment income × 1.375%
Without church tax, the total tax burden is 26.375%.
3. Kirchensteuer (Church Tax, KiSt): optional, 8% or 9%
Investors who are members of a church that collects church tax pay an additional Kirchensteuer on the capital gains tax. The rate is:
Investors who pay Kirchensteuer benefit from a reduction in the tax base for the KAP. The reason: church tax is deductible as a Sonderausgabe (special expense). Without the adjustment, the KAP would be levied on an amount from which church tax is subsequently deducted — a circular calculation.
KAP_adjusted = taxable amount × 0.25 ÷ (1 + KiSt_rate × 0.25)
With 9% church tax and EUR 1,000 in taxable investment income:
KAP = 1,000 × 0.25 ÷ 1.0225 ≈ 244.50 EUR
KiSt = 244.50 × 9% ≈ 22.00 EUR
SolZ = 244.50 × 5.5% ≈ 13.45 EUR
Total ≈ 279.95 EUR (≈ 28.00%)
| Church Tax | Effective Total Rate |
|---|---|
| None | 26.375% |
| 8% (Bavaria / Baden-Württemberg) | approx. 27.82% |
| 9% (all other states) | approx. 28.00% |
Investment income up to the Sparerpauschbetrag (§ 20 Abs. 9 EStG) is tax-free:
| Filing Status | Amount |
|---|---|
| Single | 1,000 EUR |
| Joint filing (married / registered civil partnership) | 2,000 EUR |
If you have not set up a Freistellungsauftrag (tax exemption order) with your bank, the bank will withhold Abgeltungsteuer from the very first euro of income — and you will have to reclaim the overpaid amount through your tax return. The Freistellungsauftrag can be split across multiple banks, but the total must not exceed the Sparerpauschbetrag.
When you select ETF / Stock Fund as the type of earnings, the calculator shifts the tax base before any tax is computed: 30% of the gain stays tax-free (Teilfreistellung, partial exemption under § 20 InvStG), and only the remaining 70% is taxed. The reason sits one level below: a stock fund already pays tax on its income at fund level. The partial exemption offsets that prior charge with a flat rate.
Taxable = Investment income × (100% − 30%) = Investment income × 0.70
Effective, without church tax and with the lump sum used up: 0.70 × 26.375% = 18.4625%, approx. 18.46%
The other three earnings types carry no partial exemption: Interest, Capital Gains, Stock Sale and Dividend (Individual Stock) are taxed in full. What matters is not whether shares are involved but whether the income comes from an investment fund: a dividend paid directly by an individual stock stays fully taxable, while the same dividend held inside a stock ETF benefits from the 30%.
The calculator shows a single income event. In a securities account, gains and losses run through two separate offsetting pots (§ 20 Abs. 6 EStG) that your bank maintains automatically:
| Loss From | Pot | Can Be Offset Against |
|---|---|---|
| Individual stock (sale) | Stock pot (Aktien-Topf) | Gains from stock sales only |
| Stock ETF (sale) | General pot (sonstiger Topf) | All investment income |
| Bond, certificate | General pot (sonstiger Topf) | All investment income |
The most common misconception sits in the detail: losses from stock ETFs do not go into the stock pot, which is reserved for individual shares. For funds, the partial exemption also works in both directions: like gains, losses from a stock fund count at only 70%.
Loss pots do not move between banks on their own. Losses at bank A can be offset against gains at bank B only through your tax return, and for that you need the Verlustbescheinigung (loss certificate), to be requested from the bank by December 15. Missing the deadline loses nothing permanently; the offset shifts by a full year.
For scale: EUR 2,000 of realised losses in the general pot, from a bond for instance, save EUR 527.50 in tax when offset later (26.375% without church tax); for a stock ETF the loss counts at only 70% because of the partial exemption. The pot logic in detail: Loss offsetting for stocks and ETFs.
The calculator follows the same order your bank applies:
Step 1: Partial exemption ETF earnings type only: − 30% Step 2: Sparerpauschbetrag − EUR 1,000 (EUR 2,000 for joint filing) Step 3: Capital gains tax 25% on the remainder (with KiSt base adjustment if applicable) Step 4: SolZ and KiSt 5.5% and 8% / 9% on the capital gains tax
Step 2 is the decisive one: the Sparerpauschbetrag reduces the gross amount, not the finished tax. It is applied at most up to the income itself and can never produce a negative taxable amount.
If the remaining Sparerpauschbetrag covers the income in full, the taxable amount is zero. All three components are then zero as well. The Solidaritätszuschlag and the Kirchensteuer are levied on the capital gains tax; if that is zero, they fall away with it.
NV-Bescheinigung (Non-Assessment Certificate): Individuals whose total income is below the basic tax-free allowance (Grundfreibetrag) can apply to the Finanzamt for a Nichtveranlagungs-Bescheinigung. With this certificate, the bank will not withhold any capital gains tax.
If your personal income tax rate is below 25%, you can request that your investment income be taxed at your regular rate instead. The Finanzamt performs the Günstigerprüfung upon request and automatically applies the lower rate. This is especially useful for students, retirees with low income, or in years with low overall earnings.
The Abgeltungsteuer is settled once your bank has withheld it. Four situations still argue for filing the Anlage KAP:
How to go about it: Anlage KAP: when it pays off.
Tax-free portion: Sparerpauschbetrag (1,000 / 2,000 EUR) Taxable: Total income − Sparerpauschbetrag
KAP = Taxable × 25% (with KiSt base adjustment if applicable) SolZ = KAP × 5.5% KiSt = KAP × 8% or 9% (only for church tax payers)
Total = KAP + SolZ + KiSt
The Abgeltungsteuer is a final withholding tax — meaning investment income generally does not need to be reported on your income tax return (Einkommensteuererklärung), unless the Günstigerprüfung would be beneficial or the bank has made an error.