Payments for your plasma sale activity are taxable income but not self-employment income. Therefore you will pay income tax, but not social security or medicare taxes on the payments. The payments are entered as "other income" using the steps below.
If you have a W2 job, your withholding may be enough to cover the income taxes on these payments. You can adjust your W4 with your employer to have extra withholding to cover any large other income amounts. If there is no W2 income and income is significant (you owe year-end taxes with your return) you should consider calculating/paying quarterly estimated taxes.
In the "Other Tax situations" tab in the "Other Tax Forms" section, you will find the "Estimated taxes" topic for 2022 quarterly payment vouchers.
To enter "Other Income":
- In the "Income" tab
- Scroll down to "Less Common Income"
- "Show More"
- "Start" "Miscellaneous Income"
- "Start" "Other reportable income
- "Description" "Plasma Sale"
- Enter the amount
This income will show up on line 8, schedule 1 and line 8, form 1040 as other income.
To see your form 1040 in a desktop version use the "Forms View" button at the top right of your screen.
To view your form 1040 in online versions:
- "Tax Tools" in the left hand menu
- "Tools"
- "View Tax Summary" in the main screen
- "Preview My 1040" in the left hand menu
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