I see there are many plasma-based questions, but I'm mostly curious if my (lack of) income and college status changes anything. I'll still donate, though I'm uncertain if I want to accept the reward program benefits. (I go to Biomat USA or CSL Plasma).
I've also seen articles going around about changes in the tax code (repealing the 1099 tax-reporting provision?), though I have no earthly idea if any are true or not, and whether they affect donors. Any information would be greatly appreciated, thank you.
<a rel="nofollow" target="_blank" href="http://www.plasmadonating.net/2014/06/do-you-have-to-pay-taxes-on-plasma.html">http://www.plasmadonating.net/2014/06/do-you-have-to-pay-taxes-on-plasma.html</a>
<a rel="nofollow" target="_blank" href="https://www.facebook.com/BioLifePlasmaServices/posts/371222763022970">https://www.facebook.com/BioLifePlasmaServices/posts/371222763022970</a>
The problem is it's from 2014 and the comments below it say that while "You don't have to pay taxes on the plasma you donate, however, you have to pay taxes on the compensation received for your time."
There seems to be a lot of uncertainty all around.
As for the BioLife posts, I have been through them. I've seen the comments, as well. Nothing is definitive, and the company does not go into the individual donor tax responsibility.
I would make it a line 21 entry myself since you are not in the business of selling your blood. But since you make less than $500 and there is no tax reporting form sent to the IRS and you have no other re-portable income, I would just not file a return.