Do I have to report plasma donation? What is the procedure if I do?

[hbl3973]

athe355221,

The IRS does not consider blood, plasma or marrow donations as charitable contributions.  (There is a state legislature bill in California that seeks to make a tax credit for them.)

Most folks, unless they have received a specific 1099-MISC tax form showing the amount you received, do not include those token amounts on their returns nor do they have any idea that they are legally supposed to do so.  Except in the case of a very detailed audit of your finances, the IRS would not know as there was no form sent to them.

However, you are welcome to report it as just other miscellaneous income on your return.  In most cases it doesn't change your tax and you have the added benefit that the IRS will view you as a very honest taxpayer and give you the benefit of the doubt should some glitch arise with a future tax return.

[AmyC]

You are expected to report all worldwide income which includes selling plasma.

To enter the income:
1. go to the federal income section
2. scroll to the bottom
3. Miscellaneous Income, 1099-A, 1099-C, Start
4. Scroll to the bottom
5. Other reportable income, Start
6. Other taxable income?
7. Select YES
8. Description sale of plasma
9. Amount, enter your amount
10. Continue

Reference:  Is Donating Plasma Taxable? Everything You Need To Know