Posted by KCRoyalBlue
Member since Nov 2020 1076 posts Posted on 3/6/22 at 2:28 amSo, 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.
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Posted by makersmark1
Did they send a 1099?
I think there is some legislation pending to exclude this type of “income” from taxes.
Link says report it
This post was edited on 3/6/22 at 6:29 am3 0
Posted by KCRoyalBlue
Member since Nov 2020 1076 posts Posted on 3/6/22 at 9:06 am to makersmark1No, they did not send a 1099 and told me that they will not be doing do.
I'll check out the link. Ty.
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Posted by umrebel2009
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Posted by GEAUXT
Member since Nov 2007 29524 posts Posted on 3/6/22 at 10:28 am to umrebel2009quote:
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.
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Posted by armsdealer
Member since Feb 2016 11664 posts Posted on 3/6/22 at 12:00 pm to ItzMe1972quote:
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".
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Posted by castorinho
13623 posts Member since Nov 2010 82688 posts Posted on 3/6/22 at 1:16 pm to umrebel2009quote:this was my first thought lol.
How much plasma are you selling that you are worried about filing taxes on it??
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Posted by KCRoyalBlue
Member since Nov 2020 1076 posts Posted on 3/6/22 at 3:35 pm to OldSouthquote:
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.
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Posted by KCRoyalBlue
Member since Nov 2020 1076 posts Posted on 3/6/22 at 3:46 pm to ItzMe1972quote:
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.
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