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Started By
Message
Report plasma donations to IRS or no?
Posted on 3/6/22 at 2:28 am
Posted on 3/6/22 at 2:28 am
So, 2021 was the first year that I've donated plasma. I get paid with funds being deposited on a debit card issued by the plasma company.
The company says that they don't report it to the IRS and that it's not taxable as it's considered a donation.
My Spidey sense is tingling. Doesn't feel right.
Does anyone know the actual tax law on this? I really don't want to call the IRS and spend 3 hours on hold. I've tried to research it on the IRS website, but it's all legalese to me. Can't understand it.
Any tax professionals out there that can answer what I would think is a simple question?
I really don't want to report it and pay taxes on it IF I'm NOT required. If I'm legally required, then sure I'll report it.
TIA.
The company says that they don't report it to the IRS and that it's not taxable as it's considered a donation.
My Spidey sense is tingling. Doesn't feel right.
Does anyone know the actual tax law on this? I really don't want to call the IRS and spend 3 hours on hold. I've tried to research it on the IRS website, but it's all legalese to me. Can't understand it.
Any tax professionals out there that can answer what I would think is a simple question?
I really don't want to report it and pay taxes on it IF I'm NOT required. If I'm legally required, then sure I'll report it.
TIA.
7
Posted on 3/6/22 at 6:27 am to KCRoyalBlue
Did they send a 1099?
I think there is some legislation pending to exclude this type of “income” from taxes.
LINK
Link says report it
I think there is some legislation pending to exclude this type of “income” from taxes.
LINK
Link says report it
This post was edited on 3/6/22 at 6:29 am
Posted on 3/6/22 at 9:06 am to makersmark1
No, they did not send a 1099 and told me that they will not be doing do.
I'll check out the link. Ty.
I'll check out the link. Ty.
Posted on 3/6/22 at 9:33 am to KCRoyalBlue
Posted on 3/6/22 at 9:41 am to KCRoyalBlue
I always thought y’all were joking about selling plasma to buy more SLI.
Posted on 3/6/22 at 10:02 am to KCRoyalBlue
How much plasma are you selling that you are worried about filing taxes on it??
Posted on 3/6/22 at 10:28 am to umrebel2009
quote:
How much plasma are you selling that you are worried about filing taxes on it??
Every morning on the way to work I pass a plasma donation place. People are freaking camped out around the block and even bring folding chairs. I certainly would not want any plasma from the folks I see there every day.
Posted on 3/6/22 at 11:45 am to GEAUXT
What's the going rate for plasma?
Posted on 3/6/22 at 12:00 pm to ItzMe1972
quote:
What's the going rate for plasma?
They pay you for your "time".
Its about $80 for 2 hours. The frequent fliers get less per donation, they know they have them hooked. New sellers get the most, I have seen $150 per session, I am not sure how long the first time is though, I imagine it is longer. They have all kind of bonus programs like getting friends roped in and "coming back" after missing a month. I only saw what happens on the testing side, but I was curious about the pay... for "time".
Posted on 3/6/22 at 1:16 pm to umrebel2009
quote:this was my first thought lol.
How much plasma are you selling that you are worried about filing taxes on it??
Posted on 3/6/22 at 3:35 pm to OldSouth
quote:
I always thought y’all were joking about selling plasma to buy more SLI.
No, it's not a joke at all. I've earned anywhere from $500 - $900 a month depending on the promotion. So, I have about $2-3k for the partial 2021 year.
Yes, some of the donators look sketchy, but you get weight, temperature, blood pressure, heart rate, protein, iron, HIV, Hepatitis checks....etc. every time you give. Plus, they check your hands and arms for track marks and bruising.
Basically, if you're not in ok shape, they are going to defer you for the day and possibly defer you permanently. And it's not just from that location, as they track you in the national donation database.
So, it's pretty legit.
Posted on 3/6/22 at 3:46 pm to ItzMe1972
quote:
What's the going rate for plasma?
Every company and individual location is different, but....
When I was a "New Donor", it was $100 each of the first eight times, as long as it was within the first rolling 30-31 days. I was able to squeeze nine donations during that time period, so got about $850 or so.
After that, you become a "Return Donor". Sometimes you only get $35 for the first donation in a week, but the second might be $125. That makes you want to get both in that week, of course. But, there's a different promo every month, so it varies.
Also, I was actually paid to receive a tetanus shot, which I need for my regular job anyway. Then they give me a $10 bonus on my second visit every week as long as those tetanus antibodies (or whatever is) remains in my system. So, that's an easy extra $40 a month.
I'm looking at making an extra $6K in 2022 on this. It's super easy and actually relaxing. So, this has been a great way for me to contribute to my Roth and individual brokerage accounts.
Trying to take charge of my financial future. This was a side hustle that kinda came out of nowhere and has been relatively lucrative for me so far.
Posted on 3/6/22 at 9:20 pm to GEAUXT
quote:
I certainly would not want any plasma from the folks I see there every day.
I benefit directly from Plasma donations for an immune dysfunction that I have developed in my middle-aged years, and I can say that those are the ones I want antibodies from. The less sanitary individuals, the more abundance of antibodies they are donating. The plasma is sent through a stringent purification process that rids it of viruses and disease.
OP - thank you for your donation.
Posted on 3/6/22 at 9:38 pm to KCRoyalBlue
Posted on 3/6/22 at 11:16 pm to LSUFanHouston
Great find. Thanks!
Posted on 3/7/22 at 11:26 am to ItzMe1972
Not sure if they're still doing it but they were offering $100 per donation if you had the COVID antibodies. That's $800/month.
Basically that's over $50/hour plus you are helping people that need it.
Basically that's over $50/hour plus you are helping people that need it.
Posted on 3/7/22 at 11:36 am to KCRoyalBlue
If they’re not giving you a 1099 why the hell would you report it
Posted on 3/7/22 at 2:35 pm to JumpingTheShark
I don't know if it matters, but my payments were always on a gift card. I didn't receive a 1099 and didn't report anything
Posted on 3/7/22 at 2:38 pm to leftovergumbo
Atta boy, unless you just enjoy paying taxes and seeing the government make great use of it I wouldn’t report a frickin thing
Posted on 3/7/22 at 6:55 pm to JumpingTheShark
quote:you're not supposed to say that out loud
If they’re not giving you a 1099 why the hell would you report it
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