![]() Keep in mind that this estimator assumes all income is from wages, assumes the standard deduction, and does not account for tax credits.įor a more detailed estimate that takes these factors into account, click "View Detailed Estimate" (this will will redirect to an external website). You can use the income tax estimator to the left to calculate your approximate Tennessee and Federal income tax based on the most recent tax brackets. ![]() Note: Our tax estimator tool assumes all income is from wages, so the Tennessee income tax will not be calculated. While most Tennessee residents will not have to file a Tennessee income tax return or pay Tennessee income tax, the Federal Income Tax is still applicable to all taxpayers. To relieve retired taxpayers, Tennessee has several special tax exemptions for retired taxpayers over the age of 65. You only have to pay state income tax if the amount of income you earned from taxable investment and interest sources is greater than the applicable tax exemption for your filing status.īecause the Tennessee income tax applies only to certain types of investment and interest income, retired taxpayers living off investments and retirement accounts often have the heaviest tax exposure. Tennessee has set income tax exemption amounts for single & joint filers which allow you to earn a certain amount of taxable income without paying taxes. Interest earned on a bank account's balance, tax-free bonds, and most ordinary capital gains are exempt from the Tennessee income tax. Not all forms of investment and interest income are taxable. ![]() Capital gains distributions from certain mutual funds.Interest payments from a fiduciary or trust fund.Tennessee levies an income tax on the following types of income: The tax rates on this page only apply to qualifying investment income, and are not imposed on personal income from wages or any income listed on a W-4 form. Tennessee only collects income tax on qualifying investment, dividend, and interest income. ![]() Tennessee Only Taxes Investment & Dividend Income Tennessee's income tax rates were last changed three years ago for tax year 2020, and the tax brackets have not been changed since at least 2001. ![]()
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