When it comes to reporting income from plasma donation on your tax return, this income should be reported on Schedule 1 (Form 1040), specifically on line 8, labeled "Other income." This means that the income you receive from plasma donation is taxed as ordinary income.
What form should I get?
You should receive form 1099-MISC from the plasma donation center if your total compensation for the year exceeds $600. This form will detail the amount of income you received from plasma donations during the tax year.
If you don't receive a Form 1099-MISC, you are still required to report income earned from plasma donation on your tax return. Keep accurate records of your earnings from plasma donations, including any documentation provided by the donation center, to ensure accurate reporting.
Where to report the income?
If you received a 1099-MISC form:
- Federal Section
- Income
- 1099-MISC
If you did NOT receive a 1099-MISC:
- Federal Section
- Income
- Less Common Income
- Other Income Not Reported Elsewhere
- Choose 'Other' from the drop down menu