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

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

spencerguina — Tue, 03 Feb 2026 12:49:06 GMT

Where do I find about 46% deduction lower income?

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

xmasbaby0 — Thu, 06 Feb 2025 17:14:18 GMT

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)

Re: The Standard Deduction lowered the income you're taxed on by 46% Can you please explain it to...

SharonD007 — Thu, 06 Feb 2025 17:55:07 GMT

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?