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)
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?