Calculator · ETF knowledge
Which ETF type gives you more wealth after German taxes? Long-term comparison with Vorabpauschale, partial exemption, and saver's allowance.
The calculator compares accumulating and distributing ETFs as an after-tax model. It shows how return, distribution and tax assumptions work over time.
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Accumulating (thesaurierend) funds automatically reinvest income within the fund. Distributing (ausschüttend) funds pay out income to investors on a regular basis. For tax purposes, accumulating funds are subject to the Vorabpauschale (advance lump sum), while distributing funds are subject to immediate taxation on distributions.
Because of the tax-deferral effect: the Vorabpauschale is typically lower than the full distribution tax. The untaxed capital continues to compound (compound-interest effect). The advantage grows with the investment horizon.
When the Sparerpauschbetrag (saver's allowance) fully covers the distributions, and the Vorabpauschale on the accumulating fund would already use up the allowance. For short investment horizons, the difference is negligible.
Yes. Previously paid Vorabpauschale amounts increase the tax cost basis and reduce the taxable gain on sale. There is no double taxation.
Yes. For equity-fund ETFs, 30 % of income is tax-exempt: for distributions, the Vorabpauschale, and capital gains on sale alike.
Calculate Kapitalertragsteuer (capital gains tax), Solidaritätszuschlag (solidarity surcharge), and Kirchensteuer (church tax) on your capital earnings.
Calculate now →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 tax year 2025 (due January 2026) and 2026 (due January 2027).
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 →With accumulating funds (thesaurierend), all income (dividends, interest) is automatically reinvested within the fund. The fund's value increases, but no cash flows into your account. For tax purposes, accumulating funds are subject to the annual Vorabpauschale (advance lump sum) — a minimum tax based on the Basiszins (base interest rate).
Inputs
Aktuell für 2026Your Tax Profile
of EUR 1.000
After 20 Years (after sale and taxes)
Accumulating Advantage
+EUR 4.067,11+2.3%Accumulating
EUR 180.287,59Distributing
EUR 176.220,48| Accumulating | Distributing | |
|---|---|---|
| Total Tax Burden | EUR 16.738,4 | EUR 16.554,87 |
| Contributed | EUR 82.000 | EUR 82.000 |
| Final Value After Tax | EUR 180.287,59 | EUR 176.220,48 |
| Year | Accum. Value | Accum. VP Tax | Distrib. Value | Distrib. Tax |
|---|---|---|---|---|
| 1 | EUR 14.462,36 | EUR 0 | EUR 14.410,62 | EUR 0 |
| 2 | EUR 19.247,31 | EUR 0 | EUR 19.135,11 | EUR 0 |
| 3 | EUR 24.378,16 | EUR 0 | EUR 24.195,81 | EUR 0 |
| 4 | EUR 29.879,93 | EUR 0 | EUR 29.616,64 | EUR 0 |
| 5 | EUR 35.779,41 | EUR 0 | EUR 35.423,22 | EUR 0 |
| 6 | EUR 42.105,37 | EUR 0 | EUR 41.643 | EUR 0 |
| 7 | EUR 48.888,63 | EUR 0 | EUR 48.305,4 | EUR 0 |
| 8 | EUR 56.162,26 | EUR 0 | EUR 55.441,91 | EUR 0 |
| 9 | EUR 63.961,7 | EUR 0 | EUR 63.086,27 | EUR 0 |
| 10 | EUR 72.324,18 | EUR 0,77 | EUR 71.274,62 | EUR 0 |
| 11 | EUR 81.256,62 | EUR 35,35 | EUR 80.045,66 | EUR 0 |
| 12 | EUR 90.797,83 | EUR 72,3 | EUR 89.409,04 | EUR 31,82 |
| 13 | EUR 100.989,31 | EUR 111,76 | EUR 99.404,17 | EUR 66,39 |
| 14 | EUR 111.875,4 | EUR 153,9 | EUR 110.073,65 | EUR 103,31 |
| 15 | EUR 123.503,43 | EUR 198,92 | EUR 121.463,01 | EUR 142,7 |
| 16 | EUR 135.923,94 | EUR 247,02 | EUR 133.620,8 | EUR 184,75 |
| 17 | EUR 149.190,98 | EUR 298,38 | EUR 146.598,88 | EUR 229,64 |
| 18 | EUR 163.362,22 | EUR 353,25 | EUR 160.452,57 | EUR 277,57 |
| 19 | EUR 178.499,3 | EUR 411,85 | EUR 175.240,96 | EUR 328,72 |
| 20 | EUR 194.668,04 | EUR 474,45 | EUR 191.027,13 | EUR 383,32 |
Distributing funds (ausschüttend) pay out income on a regular basis. These distributions are taxed immediately: Abgeltungsteuer (25%), Solidaritätszuschlag (5.5%), and, if applicable, Kirchensteuer (church tax) are withheld directly.
The decisive advantage is the tax deferral effect (Steuerstundungseffekt). The Vorabpauschale is based on the Basiszins (2026: 3.20%), not on the actual return. For an ETF with a 7% return, the Vorabpauschale is significantly lower than the full distribution tax. The untaxed capital continues to compound — the compounding effect makes a noticeable difference over 20-30 years.
In a few cases, the distributing fund can be equivalent or even slightly better: when the Sparerpauschbetrag (saver's lump sum of EUR 1,000) covers all distributions and, at the same time, the Vorabpauschale on the accumulating fund uses up the full allowance. For very short investment horizons (under 5 years), the difference is generally negligible. Some investors also prefer the distributing variant for the psychological benefit of receiving regular income.