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Do You Have to Pay Taxes on Plasma Money? | Is Plasma Donor Compensation Taxable?

Frames Do You Have to Pay Taxes on Plasma Money? | Is Plasma Donor Compensation Taxable?

Description Do You Have to Pay Taxes on Plasma Money? | Is Plasma Donor Compensation Taxable?

Comments Do You Have to Pay Taxes on Plasma Money? | Is Plasma Donor Compensation Taxable?

Think of it as a church giving you tithes and offerings They don’t pay taxes on it, why should you? Comment from : @Jordan-d5f8m

Answers no Comment from : @Gle7799

What about expenses Comment from : @annecarpenter9868

Im still trying to figure out if its taxable 😭 Comment from : @Laura-jk7po

Relevant? 6mo at one center, switch to another, 6 mo later switch back, income stream not continuous so no 1099? Comment from : @DDeden

Goes under "other income" on 1040 If it is large enough amount than it will be on a 1099 Comment from : @kingmike40

Plasma centers assume that you are under the radar for taxes; completely irresponsible and negligent Comment from : @gigi9301

My take is yes, it might be taxable, but it sounds like they aren't doing a good job keeping the donation places in check But at the same time, if they were to advertise that it's taxable, they might lose donors Comment from : @williambishop4508

My opinion? Call a tax accountant in your state Comment from : @drew-shourd

It is truely sad for all those people donating plasma and doing the right thing by reporting as income So many others who know better are knowingly not reporting it Seems like they are just looking for any way to justify cheating Just calling it like it is Comment from : @johnredfernjr8363

I’m still so confused Comment from : @Iambyronfarmer

I mean the IRS could get your payouts from the pre-paid card providerwhy wouldnt they have access? Comment from : @matthawksworth

For some people if they don't have their ssn with them when going there first time They allow some people/ foreign nationals to use their us visa copy as their document Also, ssn is not a mandatory document when signing upbrConsidering that, i am guessing it not a taxable income for sure I don't know if they can report to irs with visa copy; assuming if the donation was considered taxable in the first placebrbrAnother thing, they compansate donors with a debit card, which is actually like a prepaid gift card Its not an income Comment from : @parth2sukhadiya

At the Plasma Center, they specify it as a donation and reward instead of payment or income This makes me wonder if it is a play on words for some sort of tax loophole Comment from : @christopherthedude12765

I normally ask people at octapharma if they pay taxes for their plasma, and they tell me no Comment from : @vasouthrichmond

Body fluids shouldn't be taxed Comment from : @vasouthrichmond

If you have to fill out a form that's a clue Without that form check again If in doubt ask a reputabke tax accountant that you can pay amd who will cover you if they are wrong Tax error fees are brutal you don't want that! Comment from : @tuvoca825

They also pay you on a pre-paid Visa or Mastercard so the IRS wouldn't be able to track it via your bank account either Comment from : @robbiegleason4462

It’s telling me that you don’t have to because the the irs doesn’t know Comment from : @noahmichael-kp6nu

Anyone know how much you can make after the first month bonus is over? Comment from : @johnathanmassaro9314

Donate to save lives and fill government pockets citizens struggle week to week while they are multimillionaires Comment from : @chrishartley1928

It's very confusing Do they get around taxes because you are not being "paid" and instead they are giving you a debit card that they fill? Would it count as spending their money rather than a proper income? Comment from : @MrWhiskey1

I just want a simple answer 😂😂 wthbrbrWhy they gotta tax u on everything 🙄 Comment from : @HMPRODIGY

Well with this new rule of $600, you may get a 1099 from the donation company It’s all grey, and the $600 rule could be squashed again I guess we will see Comment from : @aaronhansen8037

With the 87,000 new IRS agents, 10:01 maybe they will start issuing the 1099s this year Comment from : @janereinhardt4715

The video was helpful to validate my experience getting mixed answers when asking about this Comment from : @jewelmagadan

I would assume the plasma center would need to let you know, say if you hit above 1000$ donating for the year, you would need to be provided with a forum from the center This should be the centers obligation to let their donors know Comment from : @CommonTro

Your tax preparer will answer this question They don’t send 1099 forms for donations Comment from : @missdesireindependance5194

But they are phlebotomist and lab tech's NOT accountants they won't know I mean, I am not going to be living off of my plasma donations I am trying to make ends meet It's not my primary source of income I Mean I couldn't imagine it being my primary source I am loath to donate my blood cause I hate needles and so I figured if I am going to do some good, I should might as well get paid for it> I know that makes me sound like a schmuck but I am needing charity at this point and this is bottom of the barrel I NEED Cash to get my car fixed money I know the govt can be a bitch and screw you but i just don't care anymore I mean I am literally giving my life's blood they have sucked me dry and this is just icing on the cake No way I am getting to be a MIllionaire off of donating plasma and I think because a lot of poor folks on welfare and medicaid maybe donating what are they honestly going to do??? Comment from : @outoftheforest7652

There is nothing on the IRS website about whether plasma donations are taxable income Comment from : @karenmcknight3508

Are they getting your SS number when you sign up? Comment from : @rassse7539

Donating plasma as much as the allow is bad for your health and leaves permanent scar tissue Comment from : @edgit69

ITS NOT Comment from : @MoMonique-di7fh

FOR SOCIAL SECURITY RECIPIENTS THIS IT'S PRIVACY LAWS DOCTOR PATIENT HIPA LAWS NO ONE BESIDES YOURSELF THE TECHNICIANS AND THE FACILITIES ASSOCIATED WITH YOUR DONATION IS SUPPOSED TO KNOW IF THE IRS HAS TO ASK YOU TO REPORT ITS BECAUSE THEY DON'T KNOW,THEY DON'T KNOW BECAUSE THEY'RE NOT SUPPOSED TO KNOW DON'T VOLUNTEER INFO HAVING DISPLACED LOYALTY Comment from : @MoMonique-di7fh

I'm applying for disablity and working part time I can only Gross like $1,400 a month If I donate to Biolife does this count as earned income that effects Disability? This video is a bit confusing, but I'm guessing no??? Comment from : @user-sw4qd2up2s

Yes, it's taxable But put it in as a HOBBY so you are not paying employment tax The people you talked to on the phone at the plasma places are not CPA's There is an indepth conversation on this from intuit Comment from : @AveGirl

Ask IRS your tax question Comment from : @Vonkater

In New Jersey I had to give them the SSN info so I imagine the records of payment may go to the Fed government Comment from : @dnah02

I assumed so because you got paid for a service you provided Comment from : @dnah02

I googled this before I did my taxes this year Had NO CLUE what to do because I read so much of both yes and no Great video I would love to hear what everybody has done or not done as well I'm not one to lie on forms so this gave me anxiety to be honest LoL Comment from : @tdarrigo152

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