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Looking for IRS guidelines on if compensation for participating in a clinical trial is taxable if under $600
Post by Aguilar » Thu Feb 15, 2024 7:32 pm
Re: Looking for IRS guidelines on if compensation for participating in a clinical trial is taxable if under $600
Post by GerryL » Thu Feb 15, 2024 7:36 pm
Post by livesoft » Thu Feb 15, 2024 7:48 pm
Post by funyun » Thu Feb 15, 2024 7:51 pm
Post by jebmke » Thu Feb 15, 2024 7:58 pm
funyun wrote: ↑ Thu Feb 15, 2024 7:51 pm https://www.irs.gov/pub/irs-news/fs-07-26.pdf "It is a common misconception that if a taxpayer does not receive a Form 1099-MISC or if the income is under $600 per payer, the income is not taxable. There is no minimum amount that a taxpayer may exclude from gross income."
Post by Aguilar » Fri Feb 16, 2024 3:18 pm
Post by BogleTaxPro » Fri Feb 16, 2024 3:49 pm
Post by Aguilar » Fri Feb 16, 2024 3:59 pm
BogleTaxPro wrote: ↑ Fri Feb 16, 2024 3:49 pm No, it's probably just very old information that was never updated. If you Google "irs clinical trial income", it's very clear that everyone else considers it taxable income...especially this snippet ( https://ttlc.intuit.com/community/retir ... /00/418923 ) from a TurboTax expert referencing an IRS ruling: Income for participating in a clinical trial or medical study is taxable. If the activity is infrequent, the income would not be self-employment income. The IRS discussed that position in the Internal Revenue Service's Private Letter Ruling 9106004 regarding a participant in a medical study for asthma. What that means is that it would be subject to income taxes, but not subject to self-employment tax. It also would not qualify the participant for the earned income tax credit or any other tax benefit that is dependent on earned income such as an IRA deduction. If you did receive a Form 1099-MISC , it is entered under the Wages and Income tab Check for More Income and See All Income Click on Show More then Start beside Other Common Income by the icon of the green money bag Click onStart by Form 1099-MISC. Enter Form 1099-MISC information. Make sure you enter the amount in Block 3 under source of other income, select "other income" "none of the above, show me other options" [You] were in a research study and this was payment, you did not perform a service to earn the money. If you did not receive a Form 1099-MISC, you will still enter it under Wages and Income but Scroll down to Less Common Income, by the gold dollar sign icon Click on See More and Start beside Miscellaneous Income Scroll down and click on Other Reportable Income Enter the amount and a description there.
Post by jebmke » Fri Feb 16, 2024 4:03 pm
Aguilar wrote: ↑ Fri Feb 16, 2024 3:59 pm I found that page before. Still very strange to me that the NIH would have this info on their site especially if this income has always been taxable.
Post by Aguilar » Fri Feb 16, 2024 4:05 pm
jebmke wrote: ↑ Fri Feb 16, 2024 4:03 pm Aguilar wrote: ↑ Fri Feb 16, 2024 3:59 pm I found that page before. Still very strange to me that the NIH would have this info on their site especially if this income has always been taxable.
Post by RubyTuesday » Fri Feb 16, 2024 4:07 pm
Post by Nate79 » Fri Feb 16, 2024 5:55 pm
Post by funyun » Fri Feb 16, 2024 6:33 pm
Post by toddthebod » Fri Feb 16, 2024 6:51 pm
Aguilar wrote: ↑ Fri Feb 16, 2024 4:05 pm jebmke wrote: ↑ Fri Feb 16, 2024 4:03 pm Aguilar wrote: ↑ Fri Feb 16, 2024 3:59 pm I found that page before. Still very strange to me that the NIH would have this info on their site especially if this income has always been taxable.
Post by jebmke » Fri Feb 16, 2024 7:25 pm
toddthebod wrote: ↑ Fri Feb 16, 2024 6:51 pm Aguilar wrote: ↑ Fri Feb 16, 2024 4:05 pm jebmke wrote: ↑ Fri Feb 16, 2024 4:03 pm Aguilar wrote: ↑ Fri Feb 16, 2024 3:59 pm I found that page before. Still very strange to me that the NIH would have this info on their site especially if this income has always been taxable.
Post by yankees60 » Sat Feb 17, 2024 12:25 am
Post by yankees60 » Sat Feb 17, 2024 12:27 am
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