Donating Plasma

Forum|Forum|2 years ago
April 24, 2024
1 reply
7 views

Is money from donating plasma count as taxable income? The donation center I go to told me it is not but I want to verify because I made about $1600 last year from donating

Ask the Experts - Refund II - April 2024

Vanessa A

Level 15

Yes, they are taxable income. You report it as other miscellaneous income.

To report it as ordinary income select the following:

Income
Show More next to Less Common Income
Start next to Misc Income
Start next to Other Reportable Income
Enter the amount of the money you received and the description.

This will enter the income on line z of her Schedule 1 with a description which will then flow to line 8 of the 1040. It will be taxed as ordinary income instead of self-employed income.

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