The plasma center should send you a form 1099-MISC that you can report in TurboTax as follows:
Thomas,
Plasma centers do not send 1099-MISC so the information needs to be entered on Other income. When you do that with the free addition - it says you need to upgrade. Is there any options to keep from upgrading due to this minor income?
No. This income is required to be reported on a specific line on the tax return that requires some detail. TurboTax Deluxe Online has the capability to add this income to your return and provide accurate calculations. TurboTax will automatically upgrade for you and currently the price is lower than TurboTax Basic CD/Download.
You can choose to change to TurboTax Basic CD/Download if you choose.
Is the donation income taxable for Social Security or anything else? Do we need to pay quarterly for money we received or just annually? I've donated this March and made about $1,000.
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":
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: