Blind Taxpayer

AAA

DEFINITION of 'Blind Taxpayer'

A taxpayer who qualifies for the additional standard deduction amount accorded to blind persons. Blind taxpayers are eligible to have their standard deductions increased by the same amount as taxpayers over age 65.

INVESTOPEDIA EXPLAINS 'Blind Taxpayer'

Age and blindness are determined as of the end of the calendar year. The increased deduction for blindness is granted regardless of age. The dollar amount of the increase is the same for both partially and totally blind taxpayers.

Partially blind taxpayers must include a letter from their doctor stating that they cannot see better than 20/200 out of their better eye even with eyeglasses or contacts, or that their field of vision is limited to 20 degrees or less. If this letter states that the taxpayer's vision will never improve, then no further letters need be sent, and only a referral to this initial letter will need to be included with future tax returns. Otherwise a new letter must be submitted each year.

RELATED TERMS
  1. Long-Term Care (LTC) Insurance

    Coverage that provides nursing-home care, home-health care, personal ...
  2. Taxes

    An involuntary fee levied on corporations or individuals that ...
  3. Disability-Income (DI) Insurance

    An insurance product that provides supplementary income in the ...
  4. Standard Deduction

    A base amount of income that is not subject to tax and that can ...
  5. Exemption

    A deduction allowed by law to reduce the amount of income that ...
  6. Deferred Tax Asset

    A deferred tax asset is an asset on a company's balance sheet ...
RELATED FAQS
  1. How is compound interest taxed?

    Compound interest is money that is earned and added to a principal balance and then earns additional interest. Adding interest ... Read Full Answer >>
  2. Is the marginal tax rate a progressive tax?

    The marginal tax rate is a type of progressive tax system that imposes a higher income tax rate on people with higher incomes, ... Read Full Answer >>
  3. Are marginal tax rate schemes more fair than flat taxes?

    The proper framing of the question should be, "To whom is a marginal tax rate fairer," as progressive, marginal, and flat ... Read Full Answer >>
  4. What is the highest marginal tax rate in the United States?

    In a marginal tax rate system, such as the one found in the United States, the more income one makes, the more one is expected ... Read Full Answer >>
  5. What are the most common deferred tax assets used by individuals?

    Deferred tax assets โ€“ those that are only taxed when funds are withdrawn or the asset is sold โ€“ are quite common in estate ... Read Full Answer >>
  6. What is Value-Added Tax (VAT) and who pays it?

    Value-added tax (VAT) is a consumption tax, meaning that it is a tax on the purchase of a product or a service. It is a form ... Read Full Answer >>
Related Articles
  1. Taxes

    Before You Visit Your Tax Preparer: Do This

    The earlier you start preparing your tax records and documents, the more likely you are to have a smooth tax return experience โ€“ and all the tax benefits you're due.
  2. Retirement

    Tax Tips For The Individual Investor

    We give you seven guidelines to help you keep more of your money in your pocket.
  3. Taxes

    9 Penalty-Free IRA Withdrawals

    If you need to take early distributions, find out which exemptions allow you to avoid expensive consequences.
  4. Retirement

    Tax Breaks For Canadian Families

    Canadians have a lot of advantages when it comes to family tax perks.
  5. Taxes

    Tablets To 1040s: How Taxes Began

    Ever dream of a world without tax? It existed - 3,000 years ago.
  6. Taxes

    Do Tax Cuts Stimulate The Economy?

    Learn the logic behind the belief that reducing government income benefits everyone.
  7. Options & Futures

    The Disability Insurance Policy: Now In English

    Learn to translate this complicated policy so you can rest assured you're covered.
  8. Taxes

    OK, So I'll Be Smarter Next Tax Time

    5 tax resolutions to start on right now for a smoother tax return next April 15.
  9. Taxes

    What To Do If You Lost Your W-2

    There's no need to panic if you don't have your Form W-2 to file taxes, there are easy ways to gain access to the missing form or file without it.
  10. Taxes

    Will Itemized Deductions Get You A Bigger Refund?

    April and taxes are due soon. If you need to file your return, you might have to decide if itemizing your deductions this year will net you a better deal.

You May Also Like

Hot Definitions
  1. Fixed-Income Arbitrage

    An investment strategy that attempts to profit from arbitrage opportunities in interest rate securities. When using a fixed-income ...
  2. Venture-Capital-Backed IPO

    The selling to the public of shares in a company that has previously been funded primarily by private investors. The alternative ...
  3. Merger Arbitrage

    A hedge fund strategy in which the stocks of two merging companies are simultaneously bought and sold to create a riskless ...
  4. Market Failure

    An economic term that encompasses a situation where, in any given market, the quantity of a product demanded by consumers ...
  5. Unsystematic Risk

    Company or industry specific risk that is inherent in each investment. The amount of unsystematic risk can be reduced through ...
  6. Security Market Line - SML

    A line that graphs the systematic, or market, risk versus return of the whole market at a certain time and shows all risky ...
Trading Center