Pennsylvania money market fund tax: flat 3.07% and the exempt share
Yields as filed for October 29 or October 30, 2026, holdings as of October 31, 2026, Pennsylvania rate for tax year 2025. Not tax or investment advice.
Example result
SWVXX after federal and Pennsylvania tax
2.75%
$1,375 a year kept on $1,885 of dividends
| Dividends before tax | $1,885 |
| Federal tax at 24.0% | −$452 |
| State tax at 3.07% $13 of the $1,885 is free of Pennsylvania tax | −$57 |
SNSXX after federal and Pennsylvania tax
2.74%
$1,372 a year kept on $1,805 of dividends
SWVXX leaves $3 more a year than SNSXX.
Yield reported by the fund for October 30, 2026; yields change daily. Estimate, not tax or investment advice. Nothing you type leaves your browser. How it is computed
A low flat rate shrinks the value of the exemption
Pennsylvania taxes money market fund dividends at the same flat 3.07% it applies to all classes of personal income, and lets residents leave out the part of a dividend that comes from obligations of the United States. There is no quarter-end test: a fund with 40% of its assets in Treasuries passes 40% of its income free of state tax. That sounds generous, but the low rate makes the exemption worth little. On a Treasury fund paying 3.61%, escaping a 3.07% tax adds about 0.111% of yield, or $55 a year on $50,000. So in Pennsylvania the ranking after tax follows the ranking before tax more closely than in high-tax states. On the filed figures, for a single filer with $120,000 of taxable income, the Schwab prime fund SWVXX left 2.75% after Pennsylvania and federal tax and the Schwab Treasury fund SNSXX 2.74%: the prime fund’s higher yield survived the state tax. Federal tax, at 24% on that income, takes far more than the state does.
Top 15 share classes after tax in Pennsylvania
| # | Fund | You keep (after tax) | Before tax | Type |
|---|---|---|---|---|
| 1 | North Capital Treasury Money Market FundNCGXX | 3.03% | 3.99% | Treasury only |
| 2 | Fidelity Flex Government Money Market FundFLGXX | 3.00% | 4.04% | Government |
| 3 | Goldman Sachs Central Government FundGCCXX | 3.00% | 4.03% | Government |
| 4 | Fidelity Series Government Money Market FundFGNXX | 2.99% | 4.01% | Government |
| 5 | Capital Group Central Fund Series - Capital Group Central Cash FundCMQXX | 2.99% | 3.96% | Government |
| 6 | Money Market AccountQCMMFX | 2.98% | 3.95% | Government |
| 7 | Gabelli U.S Treasury Money Market FundGABXX | 2.96% | 3.90% | Treasury only |
| 8 | T. Rowe Price U.S. Treasury Money FundTRZXX | 2.96% | 3.99% | Treasury |
| 9 | Vanguard Treasury Money Market FundVUSXX | 2.96% | 3.89% | Treasury only |
| 10 | U.S. Government Money Market FundAGJXX | 2.95% | 3.96% | Government |
| 11 | Transamerica Government Money MarketTGTXX | 2.94% | 3.94% | Government |
| 12 | Treasury Instruments PortfolioNPYXX | 2.93% | 3.86% | Treasury only |
| 13 | JPMorgan 100% U.S. Treasury Securities Money Market ETFJMMF | 2.93% | 3.86% | Treasury only |
| 14 | Vanguard Cash Reserves Federal Money Market FundVMRXX | 2.92% | 3.89% | Government |
| 15 | NYLIM U.S. Government Liquidity FundMUSXX | 2.92% | 3.84% | Treasury only |
Ranked by what you keep after federal and state tax, not by the yield before tax. Single filer, $120,000 of taxable income, yields the funds reported for October 29 or October 30, 2026. Each fund is shown by name, then its ticker, the short code your brokerage account shows. A ranking of past yields, not a recommendation.
Treasury only: holds only U.S. Treasury bills and notes. Treasury: Treasuries plus short loans to banks backed by Treasuries (called repo). Government: also holds debt of U.S. agencies and repo backed by it. Prime: also lends to banks and companies. Municipal: lends to states and cities, free of federal tax; a single-state municipal fund is also free of tax in its own state.
Tax rate on the last dollar of income in Pennsylvania
| Taxable income | State, single | State, joint | Federal, single |
|---|---|---|---|
| $50,000 | 3.07% | 3.07% | 12.0% |
| $100,000 | 3.07% | 3.07% | 22.0% |
| $200,000 | 3.07% | 3.07% | 24.0% |
| $500,000 | 3.07% | 3.07% | 38.8% |
State rates from the published schedules for tax year 2025, federal rates from the 2026 brackets including the 3.8% net investment income tax where it applies. The calculator uses the same figures.
Questions about this page
Tap a question to see the answer.
Does Pennsylvania tax money market fund dividends?
Yes, at the flat personal income tax rate of 3.07%, as dividends. The part of a fund’s dividend that comes from obligations of the United States is not taxable, according to the Department of Revenue’s guide on dividends, and there is no 50% threshold for the fund to meet.
Is a Treasury fund worth it in Pennsylvania?
The state exemption is worth 3.07% of the dividend, about 0.111% of yield on a fund paying 3.61%. That is small enough that a prime or government fund with a higher yield can keep more, as SWVXX did against SNSXX on the filed figures for a single filer at $120,000.
Do Pennsylvania local taxes apply to fund dividends?
Local earned income taxes in Pennsylvania generally apply to earned income such as wages and business profits, not to dividends and interest. This site applies only the state rate. Check with your local tax collector if you have a particular situation, such as a school district with a personal income tax.
Other pages
Filings, rules and tax schedules behind this page
Compiled by Radif Partners
Independent publisher of money market fund yield and after-tax calculators built on Form N-MFP filings
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Fund data as filed for 2026, site checked on