Married Filing Joint - Line 12 - standard deduction is shown as $27,700. Shouldnt this be $29,900?

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)