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Are plasma donations taxable income?

I just recently started donating plasma. Is this action considered taxable income? If so, will I have to owe taxes on it by the next tax return season? 

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6 Replies
Anonymous
Not applicable

Are plasma donations taxable income?

if you got paid, it's taxable income.   a general tax rule -   all income is taxable unless specifically excluded by the tax laws.   there is nothing in them to exclude this.  You are doing a valuable service for your community.  

Are plasma donations taxable income?

I agree and this subject has, over the years, been beaten just about to death on this board (see links to two examples below).

 

Bottom line is that it is taxable income.

 

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/plasma-donation-as-taxable-incom...

 

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-know-for-some-stupid-reason-i-...

Anonymous
Not applicable

Are plasma donations taxable income?

as have many other subjects.   op's could quickly find the answers they're seeking by using their search engine.  However, i also realize that  there may be conflicting answers mostly due to the change in tax laws over time.   such as can I do a IRC 1031 on 100% business use vehicle.   Op's will find yes but that's for 2017 and prior and they'll find no's because the answer is for 2018   

Are plasma donations taxable income?

Thank you, but you guys didn't answer the second half of my question. Will I end up having to pay the tax next tax return period? I'm a 21 year old who doesn't know much about taxes. Thanks. 

Are plasma donations taxable income?

That will be dependent upon your income. You can use the tool at the link below, TaxCaster, to get an idea.

 

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

Are plasma donations taxable income?

If you DONATED the plasma and got nothing in return (i.e., payments), then you have nothing to deduct or pay taxes on.  If you were paid for the plasma, then the money you received is taxable at your regular tax rate in the year in which you "sold" it.

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