Married Filing Joint - Line 12 - Turbo Tax is showing the standard deduction as $27,700.
Should this be $29,900? (filing 2025 for 2024 tax year)
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The standard deduction you mentioned is the amount for a 2023 tax return if you filed a joint return for 2023. What tax year are you working on?
The married filing jointly standard deduction for a 2024 return is $29,200.
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)
2023 STANDARD DEDUCTION AMOUNTS
SINGLE $13,850 (65 or older/legally blind + $1850)
MARRIED FILING SEPARATELY $13,850 (65 or older/legally blind + $1500)
MARRIED FILING JOINTLY $27,700 (65+/legally blind) ) + $1500 per spouse
HEAD OF HOUSEHOLD $20,800 (65 or older/blind) + $1850)
My Bad, I was reviewing the "Schedule 1 line 1" State and local income tax refund worksheet.
"Enter the following amounts from your 2023 form 1040"
line i - line 12 - itemized deductions or standard deductions.
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