Plasma donation filing

[BlankPaperz]

I was considering donating plasma in the future. But I wonder what tax form I would need to use if that is my only source of income and I don’t meet the threshold of making 6k a year to file taxes. If that is my sole income how much do I withhold ? What tax form do I use? Does it apply like a regular earning and only need to file taxes if I make so much ?

[SharonD007]

If you are inquiring if you will have to file a tax return and pay taxes on income from plasma donations as your only source of income, it depends.  There are several requirements to determine if you need to file a tax return and it changes every year. You are required to file if your gross income exceeds a certain amount based on your filing status, your age and other special filing situations.

Please review the TurboTax articles Do I need to file a federal return this year? and Do You Have to File an Income Tax Return? for additional information.

If you determine that you need to file a tax return, TurboTax will complete the correct forms based on your responses to the interview questions.  Please visit this TurboTax link Free calculators and tools to assist you with an estimate of taxes you should have withheld from your income.