T-bill ladder planner: auction dates, maturities and after-tax dollars
Split your cash across 4- to 52-week Treasury bills, see when each rung auctions and matures, what it earns after tax at today's auction rates, and what a money fund would have to pay to keep up after your state's tax.
Your rungs
| Term | Amount | Next auction | Issue (you pay) | Matures (you're paid) | Days | Yield used | Interest | After tax | Money fund, after tax | Ladder vs fund |
|---|
Next four auctions for each term in your mix:
How it works
- Dates. Treasury had no bill auctions announced beyond those already held when this page was built, so every date is an estimate. All other dates are estimates from the standard weekly bill cadence seen in recent auctions: 13- and 26-week bills auction Monday and issue Thursday; 52-week bills auction every fourth Tuesday (last one Oct 27, 2026) and issue Thursday; 17-week bills auction Wednesday and issue the next Tuesday; 4- and 8-week bills auction Thursday and issue the next Tuesday. Maturity = issue date + 28, 56, 91, 119, 182 or 364 days. A date that lands on a weekend or federal holiday moves to the next business day. Treasury can shift auctions; check the tentative auction schedule and the announcement before you bid.
- Yields are the latest auction high investment rate for each term (4-week 4.022% (Nov 12, 2026) · 8-week 4.163% (Nov 12, 2026) · 13-week 4.159% (Nov 9, 2026) · 17-week 4.344% (Nov 12, 2026) · 26-week 4.293% (Nov 9, 2026) · 52-week 4.496% (Oct 27, 2026)). Future auctions will price at whatever the market pays then, so treat the dollars as an estimate.
- Dollars = amount × yield × days ÷ 365 for one rung, no compounding. After tax takes off federal tax only: Treasury bill interest is exempt from state and local income tax (31 U.S.C. § 3124).
- Money fund comparison: the same dollars for the same days at the fund's current yield, taxed federally in full and by your state on the part that isn't from U.S. government obligations (2025 share from the issuer). California, Connecticut and New York give 0% unless the fund met their 50% test. Break-even = the fund yield that would leave you the same after tax as the ladder's dollar-and-day-weighted after-tax yield.
- Not modeled: broker fees, selling a bill before maturity, reinvesting each rung when it matures, local income taxes, and that a bill is bought at a discount (you pay a bit less than face value up front).
Not tax advice. This tool does simple arithmetic on the numbers you type, using general rules summarized from the sources below. Your fund's year-end tax letter, your state's return instructions and a tax professional are the final word. Nothing you type leaves your browser.