No. You misunderstood standard deduction. Last year when you only earned $14, 495 your standard deduction of $13,850 meant that only $645 of your income was taxable. The first $13,850 was "tax free."
For 2024, your standard deduction is $14,600 --- that means $14,600 of your income is "tax free" and the rest of that $28,833 is taxable.
More income = more tax
Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.” It is not a refund. You will see your standard or itemized deduction amount on line 12 of your 2024 Form 1040.
2024 STANDARD DEDUCTION AMOUNTS
SINGLE $14,600 (65 or older/legally blind + $1950)
MARRIED FILING SEPARATELY $14,600 (65 or older/legally blind + $1550)
MARRIED FILING JOINTLY $29,200 (65 or older/legally blind + $1550)
HEAD OF HOUSEHOLD $21,900 (65 or older/legally blind + $1950)
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
