did the standardized deduction for joint filing married couples increase for 2024 ? turbotax is saying it increased by 2X?

No.

 

The standard deduction for 2024 increased a little (5.4%) from 2023, but didn't double.

 

For a married couple filing jointly, the standard deduction for tax year 2024 is $29,200. For 2023, it was $27.700.

 

For 2024, the additional standard deduction for a blind taxpayer—i.e. a taxpayer whose vision is less than 20/200— and for a taxpayer who is age 65 or older at the end of the year is for each instance:

• $1,550 for married individuals; and
• $1,950 for singles and heads of household.

 

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)