The Standard Deduction lowered the income you're taxed on by 46% Can you please explain it to me this question

[spencerguina]

Where do I find about 46% deduction lower income?

[xmasbaby0]

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)

[SharonD007]

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?