I've recently been donating plasma (it's like donating blood but you get your red blood cells returned). I made $250 in December (each donation center has its own pay scale and promotions) and can make $65 a week by donating twice a week. AND it's for a good cause, so I can feel good about it. I just wanted to throw out plasma donation as an option for making some extra money when things are tight. We are saving for a (cheap) cruise in October and will also be able to afford vaccinations for our three dogs in February AND make minor car repairs. They pay on a pre-paid gift card, and though I'm not completely sure yet, I don't think there's going to be a W-2.
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Chapter 13 - May 2014
Broke but not broken... -
I dont think you are allowed to bring in any income unless you are in 100% payback.
Or I would have got a parttime job years ago!Discharge date: October 2017 (will it ever get here?)
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They can't legally pay you for a blood donation so they give this gift card as a reward for your time. I guess my thinking is that income is taxable, so if this isn't taxable, can it be considered income?Chapter 13 - May 2014
Broke but not broken...Comment
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Better safe than sorry: Ask your attorney.LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!Comment
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You may want to think twice about donating your plasma. You could be endangering your health. Here is an article I found in the Atlantic monthly magazine, while trying to see if you would end up with a W-2:
"To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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Did you fill out any 1099 forms for the money? If you DID, they MUST report your income to the IRS if they give you more than $600. If they give you less than $600, then they do NOT need to report it, but they still COULD if they wanted to.Originally posted by May2014 View Post
If you didn't fill out a 1099 form, well, they don't have any information about you to file with the IRS.
In publication 17, (https://www.irs.gov/publications/p17/ch24.html), The IRS specifies that 'Value of blood given to a blood bank' is not deductible, therefore you are required to declare this income to the IRS regardless of whether the donation center is reporting it. Will anyone find out if you don't report it? If there's no 1099, Probably not.Comment
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