The Standard Deduction is a dollar amount that reduces your taxable income based on your filing status. The chart below shows the standard deduction for 2024.
Filing Status
2024 Standard Deduction
Single
$14,600
Married Filing Jointly
$29,200
Married Filing Separately
$14,600
Head of Household
$21,900
Surviving Spouse
$29,200
The statement is informing you that after the standard deduction was subtracted from all of your income, it lowered your taxable income by 46%.
For further explanation, refer to the TurboTax Help articles What Are Standard Tax Deductions? and What's my standard deduction for 2024?
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