topic Are plasma donations taxable income? in Other financial discussions

Are plasma donations taxable income?

WhatamIdoinghere — Mon, 12 Aug 2019 15:00:21 GMT

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?

Re: Are plasma donations taxable income?

Anonymous — Mon, 12 Aug 2019 15:47:34 GMT

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.

Re: Are plasma donations taxable income?

Anonymous_ — Mon, 12 Aug 2019 16:46:13 GMT

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-income/00/754466

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-know-for-some-stupid-reason-i-have-to-report-plasma-donation-on-my-taxes-i-was-compensated-under-3/00/707396

Re: Are plasma donations taxable income?

Anonymous — Mon, 12 Aug 2019 16:57:19 GMT

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

Re: Are plasma donations taxable income?

WhatamIdoinghere — Mon, 12 Aug 2019 21:49:32 GMT

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.

Re: Are plasma donations taxable income?

Anonymous_ — Mon, 12 Aug 2019 21:52:38 GMT

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/

Re: Are plasma donations taxable income?

tygrtchr — Sat, 31 Aug 2019 13:23:30 GMT

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.